The vessel is now on hire following the 72-hr test, although stabilized production targets are still to be achieved due to mechanical issues and Nigerian regulatory approvals.
This process could continue until year-end, so production will likely continue at a restricted rate of around 7,000-8,000 b/d. Panoro expects the first crude oil lifting from the FPSO to take place at the end of August.
Various measures have brought down the project’s operating costs, the company added.
Laboratory analysis of Aje’s oil has revealed a high quality grade of around 42° API. Several international oil companies and trading houses have expressed interest in purchasing the crude.
Work continues for planning of Aje Phase 2, involving additional Cenomanian oil wells, and Phase 3 (Turonian gas and condensate), and in evaluating the wider exploration potential on the OML 113 lease.
Discussions continue with potential farm-in partners and work continues on development options.
John Hamilton, the company’s CEO, said: “At Dussafu, recent developments have reinforced our view of its significant potential, where prospects A and B have a combined P50 of 482 MMbbl of gross unrisked prospective resources.
“Both of these prospects are within the exclusive exploitation authorization area. We are expecting to agree on a forward plan for the exciting Dussafu project in the coming months.”
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