Page 17 - AfrOil Week 05 2022

AfrOil NEWS IN BRIEF AfrOil

Panoro Energy announces gas producer and distributor with operations
located in the port city of Douala, Cameroon,
receipt of government has provided shareholders with a brief opera-
tions update for Q4-2021.
approvals of the sale of all quarter of 5.3 mcf per day (up 6.0% on Q3-2021:
Sales: Average daily gross gas sales rate for the
its interest in OML 113 5.0 mcf per day) of natural gas, plus gross 5,584
barrels (Q3-2021: 3,800 barrels) condensate was
Panoro Energy has announced that all govern- shipped to customers.
ment approvals have now been received for the Logbaba Performance: The field has been
sale of the shares of its fully-owned subsidiaries meeting the demand using two of the three wells
that hold 100% of the shares in Pan Petroleum at any one time, with Well La-108 alternating
Aje Ltd to PetroNor. Pan Aje participates in the with Well La-107. bcf (gross basis, mean case).
exploration for and production of hydrocar- Matanda: Following the selection of a suita- APT continue to progress with well planning
bons in Nigeria and holds a 6.502% participat- ble wellsite to drill a vertical well into the Marula for the CH-1 well, with key contracting now
ing interest, with 16.255% cost bearing interest, prospect on Government-owned, late-life plan- being undertaken. The operator continues to
representing an economic interest of 12.1913% tation lands, stakeholder engagement contin- target a Q3-2022 spud.
in Oil Mining Lease 113 (OML 113), which ued, and the preparation of site access roads Aminex, February 2 2022
includes the Aje field. commenced.
Receipt of government approvals satisfies Litigation: Certain of the non-monetary PGS releases new 3D
the last key condition precedent for the comple- claims in the ICC arbitration with RSM Produc-
tion of the Transaction. Panoro and PetroNor tion Corp. have been settled consistent with the GeoStreamer seismic data
will now proceed with the final steps to achieve UNCITRAL arbitration settlement agreement,
completion of the Transaction, including the previously announced on September 29, 2021. for Mediterranean Sea
issuance of new PetroNor shares for distribution The settled non-monetary claims resolve several
to Panoro shareholders. It is expected that the prospective accounting issues. offshore Egypt
transaction will close within the next 90 days, Victoria Oil & Gas, February 2 2022
and further information will become available PGS has added five 3D seismic surveys to its data
in the coming weeks. library offshore Egypt, to create new broadband
John Hamilton, CEO of Panoro, commented: PROJECTS & COMPANIES 3D coverage of more than 18,700 square km
“The receipt of government approvals in Nige- in recently awarded nearshore license blocks.
ria is a major achievement and enables us to Aminex provides update Time-migrated data is available now, while final
now proceed swiftly to completion of the sale of depth data will be ready in May 2022.
Panoro’s interest in OML 113 to PetroNor and on Ruvuma projects The five surveys were acquired in 2021 by
unlock value for our shareholders. The divest- PGS, in collaboration with EGAS, as part of
ment is consistent with Panoro’s strategy to Operational activities under the Ruvuma PSA an extensive 3D GeoStreamer data acquisition
rationalise and high grade its upstream portfolio, in Tanzania, where Aminex owns a 25% carried and imaging campaign in the Herodotus Basin,
placing emphasis on the allocation of capital to working interest, have progressed under the Egypt’s West Mediterranean Sea area.
short-cycle oil production projects and focused supervision of operator ARA Petroleum Tan- This new 3D data provides detailed insights
exploration close to infrastructure hubs. The zania (APT): Seismic camp fully constructed, into opportunities that complement the regional
transfer of ownership of OML 113 to PetroNor and the contractor Africa Geophysical Services geology and structural foundation provided by
will allow Panoro to reduce and optimise its (AGS) is completing the mobilisation of all nec- MultiClient 2D seismic available for this region.
capital expenditures while preserving the ability essary equipment to site, which is expected to This enables operators in this area to identify
for our shareholders to benefit from future gas be completed by mid-February. Acquisition of prospects that are best aligned with their explo-
successes through the distribution of shares in the 338-square km 3D seismic survey will com- ration goals.
PetroNor to its shareholders. Panoro is confident mence upon full equipment mobilization. The surveys cover several different geologi-
that PetroNor is strategically well positioned to The 3D seismic survey is an integral step in cal domains. These include the shelf area, which
unlock the gas potential at Aje for the benefit of progressing and de-risking the Ntorya gas dis- is likely to rank highly as a focus for initial tar-
all stakeholders.” covery ahead of the drilling of the Chikumbi-1 gets as it is an extension of the onshore western
Panoro Energy, January 27 2022 (CH-1) well. The seismic acquisition and sub- desert plays. Farther into the basin, there is the
sequent interpretation will seek to refine and potential for shelf-edge structures and carbonate
confirm the exploitable gas resources of the buildups, some of which are sealed by Messinian
PERFORMANCE Ntorya field. Additionally, the survey will pro- evaporites. In the deeper water areas, plays relat-
vide greater clarity of the potential upside of ing to pre-Messinian salt structures and pinch-
Victoria Oil & Gas the discovery as identified by the operator APT, out features against the shelf edge are likely to be
through a re-interpretation of the existing 2D a focus for exploration. The variety of play types
announces Q4-2021 seismic dataset. APT’s revised mapping and available and water depths will appeal to differ-
internal management estimates suggest a risked ent company risk profiles.
operational update prospective gas in place (GIIP) for the Ntorya Fast-track PSTM imaging results are available
accumulation of 3,024 bcf (gross basis, mean for all five surveys. Final PSDM imaging results
Victoria Oil & Gas, whose wholly owned sub- case), in multiple lobes to be tested, and a pro- are expected in May 2022.
sidiary Gaz du Cameroun (GDC) is the onshore spective, risked recoverable gas resource of 1,990 PGS, February 1 2022

Week 05 02•February•2022 www. NEWSBASE .com P17