Panoro Energy ASA (OTC:PESAF, OSL:PEN) said its full-year guidance for crude oil listings remained unchanged as the third quarter saw a continued increase and at higher prices.
September's lifting of approximately 650,000 barrels in Equatorial Guinea at a realised price of approximately US$92.25 per barrel, subject to final reconciliation and after customary price adjustment and associated fees, followed aggregate liftings of 524,296 barrels in Gabon and Tunisia earlier in the quarter.
This meant the third-quarter volume lifted by Panoro was roughly 1,174,296 barrels at an average realised price of around US$88 per barrel, more than half of the year-to-date total of 2,010,046 barrels, which has been sold at an average price of US$82.79 per barrel.
In the fourth quarter, Panoro said it expects volumes of around 965,000 barrels in Gabon and Tunisia, which includes a lifting of 380,000 barrels in Gabon previously assumed to occur in the last week of September which is now scheduled for early October.
For the full year, a total of roughly three million barrels is expected, unchanged from previous guidance, which compares to 2022 liftings that totalled 1.8 million barrels.
A week ago the company reported the successful drilling of the fourth in a six-well production drilling campaign at the Hibiscus Ruche Phase I development offshore Gabon.
It was completed and handed over to production operations without incident, the company said, with good quality oil saturated reservoir sands encountered and put onstream at a rate of around 6,500 barrels of oil per day, in line with expectations.
The Borr Norve jack-up drilling rig used for the drilling was said to have already moved on to drill the next well on the Ruche field.
At the time gross production from the Dussafu Marin Permit was said to be near 26,500 bopd, which the company estimated is up to 8,000 bopd to 10,000 bopd below current potential owing to issues with electrical supply to the electrical submersible pumps with one of the first wells.
The DHIBM-4H well was said to be flowing naturally at roughly 2,800 bopd, while the DHIBM-3H well is temporarily not producing. DHIBM-3H was put onstream in early April at a gross rate of 6,000 bopd and DHIBM-4H in mid-June at a similar rate.
"Work to expedite return to production for these wells is ongoing."