Panoro Energy announces new offshore Gabon rig contract

Panoro Energy oil rig contractThe Tortue Marin well is expected to yield 28 mmbbls (Image source: QR9iudjz0/ Operator Harvest Natural Resources has secured the use of a semi-submersible unit to drill the Tortue prospect on the Dussafu Marin Permit, Panoro Energy has announced

The drilling unit, Scarabeo 3, is owned and operated by Saipem and the well is expected to spud in Q4 2012.

The Tortue Marin well will be located about 50km offshore Gabon and 15km south-east of the 2011 Ruche discovery, with a depth of 116 metres.

Kjetil Solbraekke, CEO of Panoro, said, “We are pleased that the operator has entered into a rig contract and we look forward to drilling Panoro's second exploration well offshore Gabon.

“We believe that any discovery above 10 mmbbls on Tortue combined with the 2011 Ruche discovery will provide the basis for a commercial development.”

The well will target pre-salt Gamba and mid-Dentale reservoirs and a secondary post-salt Madiela reservoir. When combining these reservoirs, the Tortue prospect will, according to the operator, have a prospective resources level of 28 mmbbls with a 56 per cent geological chance of success.

The Dussafu partners, alongside the Gabon Ministry of Mines, Energy, Petroleum and Hydraulic Resources, have entered into the third exploration phase of the Dussafu Production Sharing Contract, with an effective date of 28 May. It has been agreed that the third exploration phase will be for a period of four years, ending 27 May 2016.

Panoro Energy has a 33.33 per cent stake in the Dussafu Marin held through a subsidiary company, while Harvest Natural Resources holds the remaining 66.67 per cent. 

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