Panoro Energy ASA (OTC:PESAF, OSL:PEN) said the DHIBM-5H production well at the first phase of the Hibiscus Ruche development offshore Gabon has successfully been drilled, completed and handed over to production operations.
Drilling at 116m of water, the well encountered good quality oil-saturated reservoir sands in the regionally prolific Gamba formation, the company said, and has been put onstream at a rate of approximately 6,000 barrels of oil per day (bopd), in line with expectations.
It is third in a six-well production drilling campaign at the Hibiscus and Ruche fields.
Once all are completed and onstream complete, this is expected to bring total oil production up to roughly 40,000 bopd on a gross basis at the Dussafu Marin permit, of which Panoro owns a 17.5% working interest.
The Borr Norve rig that was used for this latest well has already begun drilling operations on the fourth planned production well, DHIBM-6H, it added.
Panoro chief executive John Hamilton called the well “another significant step forward in our organic growth plan” and keeps things on track to achieve net production of 13,000 bopd net to the company when all six new Hibiscus Ruche Phase I wells are onstream.