Panoro Energy completes Aje well operations offshore Nigeria

Offshore staff

OSLO, Norway Panoro Energy has completed well operations on the Aje field in the OML 113 license offshore Nigeria.

The Aje-4 well, previously drilled in 2008, has been completed as an oil production well. This follows the completion of the Aje-5 production well, with both wells being perforated in the Cenomanian oil bearing zones with positive indications of well productivity based on the short flow-backs carried out during the completion programs.

Subsea trees were installed on both wells, and the wells are now suspended ready for connection to the oil production facilities, prior to commencement of production. The company said that Scarabeo 3 is being demobilized.

Based on the well results and updated perforation modeling, the company says it is confident that it should meet its indicated daily production guidance.

CEO John Hamilton said: “We are very pleased to have now successfully concluded the well operations phase of the Aje Cenomanian oil development and are encouraged with the reported well results. We have achieved a major milestone to de-risk the project and are looking forward to starting commercial production towards the end of January 2016, following which we can begin generating positive cash flow.”

11/16/2015

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