Wednesday 11 September 2019

Panoro Energy ASA reported an update on its drilling operation on the Hibiscus Updip well (“DHIBM-1”), located on Dussafu Marin Permit, offshore Gabon.

The DHIBM-1 well was drilled on the Hibiscus Updip prospect and reached a Total Depth of 3,538 metres. An oil discovery was made in the Gamba formation with an overall hydrocarbon column of 33 metres and average porosities ranging between 21% and 23%.

The initial results of logging the Gamba formation at Hibiscus Updip are highly encouraging. Panoro Energy's operating partner’s preliminary assessment indicates that the discovery may be larger than the gross pre-drill estimate of 12 million barrels of prospective resources. The Joint Venture partners have therefore decided to proceed with a sidetrack of the DH1BM-1 well and we will provide an update of the results of this sidetrack in due course.