Review upgrades oil resources in Tortue offshore Gabon

Panoro Energy says a new review by Netherland, Sewell & Associates has upgraded recoverable oil resources from the Tortue field in the Dussafu production-sharing contract offshore Gabon.

Offshore staff

OSLO, NorwayPanoro Energy says a new review by Netherland, Sewell & Associates (NSAI) has upgraded recoverable oil resources from the Tortue field in the Dussafu production-sharing contract (PSC) offshore Gabon.

Tortue is one of five oil discoveries to date in the Dussafu Exclusive Exploitation Area (EEA) in which Panoro has an 8.33% interest.

Following a successful development drilling campaign last year at Tortue, contingent resources from the western flank of the field have now been re-categorized as reserves, and as a result the 2P gross remaining reserves have risen by 11.6 MMbbl (50% higher than at year-end 2017).

NSAI’s review does not include the four other discovered fields Ruche,Ruche North East, Moubenga, and Walt Whitman or potential resources associated with the numerous prospects and leads identified within the EEA.

The new estimate, based on six wells at Tortue, is Proved (1P) reserves of 25.9 MMbbl; Proved + Probable (2P) reserves of 35.1 MMbbl; and Proved + Probable + Possible (3P) reserves of 48.3 MMbbl.

During 4Q 2018, production from the field averaged 11,800 b/d, with average opex of $23/bbl including various one-off costs associated with field start-up.

Production in January rose to 12,977 b/d, with no wax detected and no water produced from the field. Panoro estimates that opex per barrel should optimize oncePhase 2 production is onstream.

Drilling for Phase 2 is due to get under way in the second half of 2019. Up to four wells are planned in the Gamba and Dentale reservoirs along with at least two exploration wells, with production starting in 1Q 2020.

Once all the Phase 1 and Phase 2 wells at Tortue are in production, the field should deliver more than 20,000 b/d.

02/19/2019

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