Operator Panoro Energy and partner GEPetrol are assessing concepts for a potential combined development of two shallow-water discoveries in Block EG-23 offshore Equatorial Guinea, according to Panoro’s latest operations update.

Panoro operates Block EG-23 with an 80% participating interest, while state-owned GEPetrol holds the remaining 20%.

Estrella and Rodo development prospects

The Estrella (gas condensate) and Rodo (oil) accumulation are both within tieback distance of existing infrastructure. The Estrella-1 discovery well, drilled in 2001, encountered 60 m net hydrocarbon pay and tested at 6,780 bbl/d (48 - 50° API) of condensate and 48.7 MMcf/d of gas.

Exploration upside across Block EG-23

Nineteen wells have been drilled on Block EG-23 (previously operated by Marathon), leading to four oil, two gas and one gas/condensate discoveries. These contain an estimated 104 MMbbl of oil and condensate and 215 Bcf of gas. The discovered resource base provides one of the larger undeveloped shallow-water opportunity sets currently being evaluated offshore Equatorial Guinea.

Panoro has identified a range of plays across the block containing numerous other prospects and leads.

The present partnership holds the concession for an initial three years. Thereafter, they have the option to enter into a further two-year period, which will include drilling of an exploration well.

Panoro is already a producer offshore Equatorial Guinea through its interests in the Ceiba and Okume producing fields, giving the company established operating experience in the country.

If progressed, a joint development of Estrella and Rodo could provide a relatively low-cost route to monetizing discovered resources through existing offshore infrastructure while also supporting further exploration activity across Block EG-23.