{"id":12853,"date":"2022-11-22T07:23:09","date_gmt":"2022-11-22T07:23:09","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12853"},"modified":"2022-11-22T07:23:09","modified_gmt":"2022-11-22T07:23:09","slug":"gabon-panoro-energy-provides-hibiscus-ruche-phase-i-development","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-panoro-energy-provides-hibiscus-ruche-phase-i-development\/","title":{"rendered":"GABON: Panoro Energy Provides Hibiscus\/Ruche Phase I development"},"content":{"rendered":"<ul>\n<li>Hibiscus\/Ruche Phase I development offshore Gabon is progressing to plan. The BW MaBoMo production facility has been installed on site and 20 kilometres of the subsea flowline installed. Preparations are underway to commence development drilling in January with first oil expected around the end of Q1 2023<\/li>\n<li>New gas lift compressor arrived in Gabon late October and is being prepared for mobilisation to the FPSO with planned installation around year end and start up during Q1 2023<\/li>\n<li>In aggregate, good visibility on production growth starting Q1, accelerating through the year<\/li>\n<li><strong>Crude lifting update<\/strong>\n<ul>\n<li>Total crude oil volumes lifted and sold in Q3 were 880,896 barrels at an average realised price of USD 105.5 per barrel after customary price adjustments and associated fees, resulting in proceeds to the Company of approximately USD 93 million for the quarter<\/li>\n<li>Total crude oil volumes lifted and sold in the first nine months were 1,039,797 barrels at an average realised oil price of USD 105.7 per barrel after customary price adjustments and associated fees, resulting in proceeds to the Company of approximately USD 110 million for the nine months<\/li>\n<li>In October, post period end, Panoro completed its scheduled lifting of 647,111 barrels in Gabon resulting in proceeds to the Company of approximately USD 59 million. This lifting brings the aggregate volume of crude oil lifted and sold by Panoro year-to-date to 1,686,908 barrels at an average realised price of USD 100.3 per barrel<\/li>\n<\/ul>\n<\/li>\n<li><strong>Financial position\u00a0<\/strong>\n<ul>\n<li>Cash at bank at 30 September was approximately USD 34 million<\/li>\n<li>Deleveraging continues with gross debt at 30 September of approximately USD 82 million (excluding oil revenue advances that may be taken against liftings) after principal repayments of approximately USD 16 million were made in the first nine months. Further repayments totalling USD 4 million are anticipated to be made prior to year end<\/li>\n<li>Company largely unhedged, with legacy hedges of 600 bopd rolling off at the end of December 2022<\/li>\n<li>As previously indicated, at its Q3 results, Panoro will update on a capital return policy for shareholders<\/li>\n<\/ul>\n<\/li>\n<li><strong>Production update<\/strong>\n<ul>\n<li>Working interest production for the first nine months averaged approximately 7,700 bopd<\/li>\n<li>Production expected to return to in excess of 8,000 bopd level around the year end with activities across all three production assets underway<\/li>\n<li>Q3 working interest production of approximately 7,300 bopd temporarily affected by pump replacements in both Equatorial Guinea and Tunisia (since restored)<\/li>\n<li>Target of achieving net 12,500 bopd during 2023 on track, with growth expected starting in Q1 2023<\/li>\n<\/ul>\n<\/li>\n<li><strong>John Hamilton, CEO of Panoro, commented:<\/strong>\n<p><em>&#8216;As previously communicated our lifting schedule significantly stepped up from July onwards with large liftings in Equatorial Guinea and Gabon in particular, combined with robust oil prices, giving Panoro good momentum into year end and beyond. The Hibiscus Ruche Phase 1 development offshore Gabon is progressing very well with production growth in sight, keeping our outlook of achieving net 12,500 bopd during 2023 firmly on track.<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Hibiscus\/Ruche Phase I development offshore Gabon is progressing to plan. The BW MaBoMo production facility has been installed on site and 20 kilometres of the subsea flowline installed. Preparations are &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/gabon-panoro-energy-provides-hibiscus-ruche-phase-i-development\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":9150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7447,7442,11],"tags":[789,944,8435],"class_list":["post-12853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-africa","category-countries","category-top-news","tag-equatorial-guinea","tag-gabon","tag-hibiscus-ruche","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Gabon-Hubiscus.jpg?fit=496%2C416&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3lj","jetpack-related-posts":[{"id":10239,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-bw-energy-re-starts-3-well-drilling-campaign-on-the-dussafu-license\/","url_meta":{"origin":12853,"position":0},"title":"GABON: BW Energy Re-starts 3-well Drilling Campaign on the Dussafu license","author":"","date":"April 22, 2021","format":false,"excerpt":"BW Energy Limited is pleased to announce the re-start of a three-well drilling campaign on the Dussafu license offshore Gabon consisting of two exploration wells in the Hibiscus area and one production well on the Tortue field. The Borr Norve jack-up rig has been contracted for the campaign. The current\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Gabon-Hubiscus.jpg?fit=496%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13562,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-bw-energy-announces-first-oil-from-hibiscus-ruche-development\/","url_meta":{"origin":12853,"position":1},"title":"GABON: BW Energy Announces First oil from Hibiscus \/ Ruche development","author":"","date":"April 12, 2023","format":false,"excerpt":"BW Energy is pleased to announce that first oil from the Hibiscus \/ Ruche Phase 1 development in the Dussafu licence offshore Gabon has been safely achieved. Production performance from the first well has been in line with expectations and is currently stabilised at approximately 6,000 barrels per day.\u00a0 \"We\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Gabon-dussafu-1.jpg?fit=1000%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Gabon-dussafu-1.jpg?fit=1000%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Gabon-dussafu-1.jpg?fit=1000%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Gabon-dussafu-1.jpg?fit=1000%2C744&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13829,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-bw-energy-starts-production-from-third-well-in-the-hibiscus-ruche-development\/","url_meta":{"origin":12853,"position":2},"title":"GABON: BW Energy Starts Production from third well in the Hibiscus \/ Ruche development\u00a0\u00a0","author":"","date":"July 25, 2023","format":false,"excerpt":"BW Energy is pleased to announce that production has safely started from the third well of the Hibiscus \/ Ruche Phase 1 development in the Dussafu licence offshore Gabon. Well performance is in line with expectations with current production at approximately 6,000 barrels per day.\u00a0 The DHIBM-5H well was drilled\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Gabon-dussafu.jpg?fit=1000%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Gabon-dussafu.jpg?fit=1000%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Gabon-dussafu.jpg?fit=1000%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Gabon-dussafu.jpg?fit=1000%2C744&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12422,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-panoro-energy-provides-dussafu-marin-update\/","url_meta":{"origin":12853,"position":3},"title":"GABON: Panoro Energy Provides Dussafu Marin Update","author":"","date":"July 12, 2022","format":false,"excerpt":"Gross production at the Dussafu Marin Permit for the first six months averaged approximately 11,150 bopd and is in line with expectations.\u00a0 Second quarter gross production averaged approximately 10,700 bopd from four wells, with the remaining two wells shut in due to pre-communicated gas lift capacity constraints.\u00a0 As previously guided\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Gabon-Hubiscus.jpg?fit=496%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13124,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-development-drilling-commences-on-schedule-at-dussafu-marin\/","url_meta":{"origin":12853,"position":4},"title":"GABON: Development Drilling Commences on Schedule at Dussafu Marin","author":"","date":"January 11, 2023","format":false,"excerpt":"Production drilling at the Hibiscus Ruche Phase I development commenced in early January with first oil expected during March 2023, in line with previously communicated guidance. At the Tortue field installation of the new gas lift compressor is underway onboard the FPSO BW Adolo and is also progressing according to\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/09\/Gabon-Hubiscus.jpg?fit=496%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":12224,"url":"https:\/\/www.oilnewskenya.com\/index.php\/panoro-energy-provides-2022-operations-update\/","url_meta":{"origin":12853,"position":5},"title":"Panoro Energy Provides 2022 Operations Update","author":"","date":"May 6, 2022","format":false,"excerpt":"Equatorial Guinea (Panoro: 14.25%) Q1 2022 working interest production averaged approximately 4,968 bopd (gross production 34,866 bopd) Operator Trident Energy is undertaking a workover programme at the Okume Complex and has completed the Okume upgrade project which will improve process reliability, power generation and fluid handling \/ injection capabilities Ceiba\u2026","rel":"","context":"In &quot;Central Africa&quot;","block_context":{"text":"Central Africa","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/central-africa\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Panoro-Energy-operations.jpg?fit=388%2C470&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=12853"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12853\/revisions"}],"predecessor-version":[{"id":12854,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12853\/revisions\/12854"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/9150"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=12853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}