News listings

energy-pedia licensing

Equatorial Guinea flagEquatorial Guinea

Middle East / Africa >>> Equatorial Guinea

Equatorial Guinea: Panoro Energy agrees Heads of Terms for Block EG-23 Offshore Equatorial Guinea


04 Apr 2024

Photo - see caption

Panoro Energy has reached an agreement with the Government of Equatorial Guinea on the key terms and conditions for the award of offshore Block EG-23.

The Heads of Terms agreement signed by Panoro, GEPetrol (the national oil company), and the Ministry of Mines and Hydrocarbons paves the way for a period of exclusive negotiations to finalise a Production Sharing Contract ('PSC') for Block EG-23 and development of a work programme and budget. Panoro envisages its participating interest in Block EG-23 upon award of a PSC will be up to 80 percent initially.

Block EG-23 is located offshore Equatorial Guinea north of Bioko Island and adjacent to the producing Alba gas and condensate field. Covering a surface area of approximately 600 km2 in water depths ranging from 50 metres to 100 metres, 19 wells have been drilled on Block EG-23 to date resulting in seven hydrocarbon discoveries (four oil, two gas and one gas/condensate), some of which have been tested. The block was previously held by Marathon. Panoro's technical evaluation indicates a range of plays exist on the block and has identified a number of prospects and leads in addition to the existing discoveries.

Panoro envisages an initial work programme will be focused on re-processing existing seismic data to mature prospects and leads to a drill-ready state with an option to then enter a second stage which would entail drilling.

John Hamilton, CEO of Panoro, commented: 'We are grateful to the Government of Equatorial Guinea for this opportunity to enter into a PSC for the highly prospective Block EG-23 and further grow our business in Equatorial Guinea. The award of a PSC for Block EG-23, when finalised, will be a complementary expansion of our existing acreage portfolio in Equatorial Guinea. We look forward to partnering with GEPetrol to leverage our collective core subsurface skill sets, increasing our exposure to a broad range of play types, prospects and leads in the vicinity of existing infrastructure.'

Photo - see caption

Original announcement link

Source: Panoro Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 227

Completed Deals

Completed Upstream Deals: 6595

Company Profiles

Current Company Profiles: 2918

Corporate Activity

Current Corporate Activity articles: 4163

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1666

Geostudies

Current Geostudies articles: 985

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Rose & Assocs
Bayphase
Union Jack Oil 149
Telos NRG
Borchwix
Merlin
Government of South Australia
OPC
Syntillica
energy365
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com