Panoro completes farm-out of Brazil blocks to Vanco
Dec. 29, 2011
Panoro Energy ASA has completed farm-out of offshore Brazilian blocks BM-S-63, BM-S-71, and BM-S-72 in the offshore Santos basin to Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda.
Offshore staff
OSLO, Norway – Panoro Energy ASA has completed farm-out of offshore Brazilian blocks BM-S-63, BM-S-71, and BM-S-72 in the offshore Santos basin to Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda.
The companies have agreed to the farm-out of 35% of Panoro’s 50% interest in the shallow-water exploration licenses for $14.5 million. Plus, Vanco will finance Panoro’s remaining 15% share of drilling one exploration well on each of the three licenses.
Drilling is expected to start in the first half of 2012 on the Sabiá, Canario, and Jandaia prospects.
