Wednesday 25 August 2021

Panoro Energy ASA (“Panoro”) is pleased to announce that the Hibiscus North exploration well (DHBNM-1), currently being drilled in the Dussafu Marin Permit offshore Gabon, has encountered hydrocarbons.

Initial results indicate that the DHBNM-1 well has encountered approximately 13.5 metres of oil-bearing reservoir in the Upper Gamba sandstone, the primary target reservoir. Drilling will continue through the secondary Dentale target to a total depth of approximately 3,500 metres.

Once total depth is reached, logging operations and evaluation of the oil discovery will be undertaken, after which Panoro expects a side-track of DHBNM-1 to be drilled to further appraise the field.

Further updates will be provided following completion of these activities.