{"id":9973,"date":"2021-02-25T09:51:06","date_gmt":"2021-02-25T09:51:06","guid":{"rendered":"https:\/\/oilnewskenya.com\/?p=9973"},"modified":"2021-02-25T09:51:06","modified_gmt":"2021-02-25T09:51:06","slug":"panoro-energy-provides-2020-y-e-operational-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/panoro-energy-provides-2020-y-e-operational-update\/","title":{"rendered":"Panoro Energy Provides 2020 Y\/E Operational Update"},"content":{"rendered":"<p><strong>Operational Highlights<\/strong><\/p>\n<ul>\n<li>Annual group production net to Panoro of 0.81 MMbbls with average daily rate of approximately 2,200 bopd.<\/li>\n<li>Average production of approximately 2,350 bopd for Q4 2020 due to improved production in Tunisia<\/li>\n<li>Production and lifting operations maintained and largely unaffected through the crisis<\/li>\n<li>Health and Safety systems and protocols proved resilient<\/li>\n<\/ul>\n<p><strong>Gabon<\/strong><\/p>\n<ul>\n<li>Annual gross production of 5.2 MMbbls and average of 14,100 bopd (0.39 MMbbls and 1,060 bopd net to Panoro)<\/li>\n<li>Average daily production of approximately 13,500 bopd gross for the fourth quarter (~1,000 bopd net)<\/li>\n<li>At Dussafu, interpretation of seismic reprocessing completed, drilling of DHIBM-2 exploration well targeting Hibiscus Extension planned for Q2 2020<\/li>\n<li>Material cost and time savings through an alternative development plan for the Hibiscus\/Ruche area using jack-up rigs in place of a wellhead platform<\/li>\n<li>USD 100 million gross in capital savings as compared to previous concept<\/li>\n<li>Break-even for next development phases of approximately USD 25 per barrel<\/li>\n<li>Two crude oil liftings in the fourth quarter, sold at an average USD 46 per barrel with core operating costs of around USD 20 per barrel<\/li>\n<\/ul>\n<p><strong>Tunisia<\/strong><\/p>\n<ul>\n<li>Annual gross production of 1.4 MMbbls and average of 3,950 bopd (0.4 MMbbls and 1,160 bopd net to Panoro)<\/li>\n<li>Quarterly production of approximately 4,500 bopd gross on average for Q4 2020<\/li>\n<li>5,000 bopd gross target achieved during October with current production ranging between 4,500 and 5,000 bopd<\/li>\n<li>Guebiba 10 side-track on production in lower Bireno interval with highly productive Douleb showing potential to be produced in the future<\/li>\n<li>Multiple workover activities performed during Q3 were finished during Q4, all completed safely and without incident<\/li>\n<\/ul>\n<p><strong>Corporate Highlights<\/strong><\/p>\n<ul>\n<li>Announced acquisition from Tullow Oil of high-quality oil producing assets for USD 140 million cash and USD 40 million contingent consideration, consisting of a 14.25% working interest in Block G, offshore Equatorial Guinea, and an additional 10% working interest in Dussafu Marin Permit, offshore Gabon<\/li>\n<li>USD 70 million equity private placement materially oversubscribed and completed in February 2021, subject to Extraordinary General Meeting approval in March 2021<\/li>\n<li>Up to USD 90 million debt facility agreed with Trafigura group to partially fund the Transactions; additionally, upsize option of USD 50 million and USD 20 million working capital facility<\/li>\n<\/ul>\n<p><strong>Outlook and Guidance<\/strong><\/p>\n<ul>\n<li>Operational and financial transformation on completion of Transactions<\/li>\n<li>Following completion of Transactions, Panoro is fully funded for all foreseeable capital expenditure and positioned to pay cash dividends from 2023<\/li>\n<li>Five liftings expected in Gabon, nine at TPS in Tunisia, and one to two in Equatorial Guinea (subject to completion)<\/li>\n<li>2021 net production guidance in excess of 9,000 bopd (subject to completion of Transactions)<\/li>\n<li>In Gabon, DHIBM-2 Hibiscus exploration well and possible sidetracks in Q2 2021. Tortue development well DTM-7H to be drilled and production startup in conjunction with DTM-6H in Q3 2021<\/li>\n<li>Equatorial Guinea Infill drilling program planned to start Q2 2021 (subject to completion)<\/li>\n<li>In Tunisia, continued focus on workover program to maintain and boost production<\/li>\n<li>Dividend of PetroNor shares to Panoro shareholders (upon completion of sale of Aje)<\/li>\n<li>Completion of farm in to Block 2B, offshore South Africa (subject to closing conditions)<\/li>\n<li>Aje operations in Nigeria classified as discontinued operations following divestment agreement, pending completion, and excluded from continuing activities.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Operational Highlights Annual group production net to Panoro of 0.81 MMbbls with average daily rate of approximately 2,200 bopd. Average production of approximately 2,350 bopd for Q4 2020 due to &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/panoro-energy-provides-2020-y-e-operational-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8977,"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":[7447,7442,7446,11],"tags":[8824,9081,8585,9015,944,8683,1749,9082,8316,8066,2571,2578],"class_list":["post-9973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-africa","category-countries","category-north-africa","category-top-news","tag-aje","tag-block-g","tag-douleb","tag-dussafu-marin-permit","tag-gabon","tag-guebiba-10","tag-nigeria","tag-offshore-equatorial-guinea","tag-panoro-energy","tag-trafigura","tag-tullow-oil","tag-tunisia","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Panoro-Energy-operations.jpg?fit=388%2C470&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2AR","jetpack-related-posts":[{"id":8976,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-gabon-panoro-energy-provides-operations-for-h1-2020\/","url_meta":{"origin":9973,"position":0},"title":"TUNISIA\/ GABON: Panoro Energy Provides Operations for H1 2020","author":"","date":"August 27, 2020","format":false,"excerpt":"Operational Highlights Production and lifting operations maintained and largely unaffected through crisis Health and Safety systems and protocols proved resilient In Gabon, quarterly production at record high of 15,991 bopd gross on average, with current production in excess of 18,000 bopd At Dussafu, seismic reprocessing completed, potential for material increase\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\/08\/Panoro-Energy-operations.jpg?fit=388%2C470&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":9455,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tunisia-gabon-panoro-energy-provides-operational-update\/","url_meta":{"origin":9973,"position":1},"title":"TUNISIA\/ GABON: Panoro Energy Provides Operational Update","author":"","date":"November 23, 2020","format":false,"excerpt":"Operational Highlights Group net production of 2,117 bopd for Q3 2020, down slightly on Q2 due to announced pump replacements during the quarter in Tunisia Production and lifting operations maintained and largely unaffected through the crisis Health and Safety systems and protocols proved resilient Gabon In Gabon, quarterly production of\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\/08\/Panoro-Energy-operations.jpg?fit=388%2C470&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":9973,"position":2},"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":[]},{"id":12422,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gabon-panoro-energy-provides-dussafu-marin-update\/","url_meta":{"origin":9973,"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":15337,"url":"https:\/\/www.oilnewskenya.com\/index.php\/15337-2\/","url_meta":{"origin":9973,"position":4},"title":"Panoro Energy has provided an\u2026","author":"","date":"November 6, 2025","format":false,"excerpt":"Panoro Energy has provided an operations update in advance of its third quarter 2025 results. Production and Operations Update Group working interest production in Q3 and for the first nine months of 2025 was: Average W.I. production - bopdQ3 20259M 2025Gabon4,7605,971Equatorial Guinea2,5253,103Tunisia1,5261,537Total8,81110,611 Full-year 2025 working interest production expected to be\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\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/07\/Gabon-Dussafu-1.webp?fit=1000%2C744&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":15548,"url":"https:\/\/www.oilnewskenya.com\/index.php\/panoro-energy-provides-operations-update-for-equatorial-guinea-gabon-tunisia\/","url_meta":{"origin":9973,"position":5},"title":"Panoro Energy Provides Operations Update for Equatorial Guinea, Gabon &amp; Tunisia","author":"","date":"January 21, 2026","format":false,"excerpt":"Equatorial Guinea As previously communicated, production at Block G offshore Equatorial Guinea (Panoro 14.25 percent) has been impacted by unplanned facilities related downtime at the Ceiba field Progress is being made with partial restoration of production at Ceiba achieved. Work will continue in 2026 to regain full potential and ensure\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\/2026\/01\/Panoro-Energy.png?fit=664%2C320&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/01\/Panoro-Energy.png?fit=664%2C320&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2026\/01\/Panoro-Energy.png?fit=664%2C320&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9973","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=9973"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9973\/revisions"}],"predecessor-version":[{"id":9974,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9973\/revisions\/9974"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8977"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}