Yinka Folawiyo Petroleum, on behalf of the joint venture partners, has awarded a contract to Saipem to execute the drilling and completion program at the Aje Cenomanian oil development field located in OML113 license, offshore Nigeria.
Located in water depths ranging from 100m to 1,000m in the Badagry area of Lagos state, the Aje field production is expected to commence in December of this year.
The Aje field comprises hydrocarbon resources in sandstone reservoirs in three main levels including a Turonian gas condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate reservoir.
Under the contract, Sepim will move the Scarabeo 3 semi-submersible rig to 18NMto the Aje drilling location, and will later be used to conduct well operations the first phase of the Aje field that comprises two subsea production wells.
The operations include completion of the existing Aje-4 well as a production well and drilling of a new well, Aje-5. Subsea equipment will be installed following completion of the drilling, which is expected to take 90 days, and the wells will be tied back to the Front Puffin FPSO.
Panoro Energy CEO John Hamilton said: “With well operations expected to commence in the next few weeks, we will continue moving towards our incremental growth strategy of converting Panoro’s discovered resource base into commercial production and generating positive cash flow in 2016.”
Panoro Energy owns 6.502% interest in the OML 113 license while other partners include Yinka Folawiyo Petroleum, New Age, FHN (Afren Subsidiary), Energy Equity Resources and Jacka Resources.
Panoro Energy ASA is an independent oil and gas E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality exploration and development assets in West Africa, namely the Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria. Both assets have discoveries with approved Field Development Plans. In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential.
