Page 16 - AfrOil Week 47 2022

AfrOil NEWS IN BRIEF AfrOil

Now including selections from NewsBase’s partner service

This lifting brings the aggregate volume of crude data will allow the JV to determine the next steps could not justify without obtaining another part-
oil lifted and sold by Panoro year-to-date to on the Block. ner. We have been working tirelessly with advi-
1,686,908 barrels at an average realised price of Production update: Working interest produc- sors to secure a farm-in partner but the market
$100.3 per barrel. tion for the first nine months averaged approxi- appetite for offshore deep water oil exploration is
Financial position: Cash at bank at Septem- mately 7,700 bpd of oil. currently very low and we have ultimately been
ber 30 was approximately $34mn. Production expected to return to in excess unsuccessful. During the Initial Period, the tech-
Deleveraging continues with gross debt at 30 of 8,000 bpd of oil level around the year end nical team identified multiple exploration pros-
September of approximately $82mn (excluding with activities across all three production assets pects and as such we believe that Inezgane has
oil revenue advances that may be taken against underway. significant potential and I would like to thank
liftings) after principal repayments of approx- Q3 working interest production of approxi- the Office National des Hydrocarbures et des
imately $16mn were made in the first nine mately 7,300 bpd of oil temporarily affected by Mines (ONHYM), the Moroccan hydrocarbons
months. Further repayments totalling $4mn are pump replacements in both Equatorial Guinea and mines regulatory body, for the opportunity
anticipated to be made prior to year end. and Tunisia (since restored). to work in the region and wish them success in
Company largely unhedged, with legacy Target of achieving net 12,500 bpd of oil dur- the future.
hedges of 600 bpd of oil rolling off at the end of ing 2023 on track, with growth expected starting Europa is committed to creating shareholder
December 2022. in Q1 2023. value by building a balanced portfolio of explo-
As previously indicated, at its Q3 results, Panoro Energy, November 18 2022 ration, appraisal and production assets in the UK
Panoro will update on a capital return policy for and Atlantic Ireland. Our balanced portfolio of
shareholders. assets at various stages of the development cycle,
Gabon update: As reported by the Operator, PROJECTS & COMPANIES including production and appraisal, ensures that
Hibiscus/Ruche Phase I development offshore Europa remains well-placed to deliver afforda-
Gabon is progressing to plan. The BW MaBoMo Europa Oil & Gas planning to ble energy. We will continue to explore poten-
production facility has been installed on site and tial development and exploration opportunities
20 km of the subsea flowline installed. Prepara- relinquish Inezgane Licence to expand our portfolio wherever they become
tions are underway to commence development available, provided that these can be acquired
drilling in January with first oil expected around offshore Morocco and developed on acceptable commercial terms
the end of Q1 2023. and within the transition context. We have a
New gas lift compressor arrived in Gabon late Europa Oil & Gas has announced that the exten- healthy balance sheet on which to execute on
October and is being prepared for mobilisation sion to the Initial Period of the Inezgane Licence our stated strategy.”
to the FPSO with planned installation around offshore Morocco announced on October 21, Europa Oil & Gas, November 23 2022
year end and start up during Q1 2023. 2020, has now come to an end and Europa has
In aggregate, good visibility on production decided not to progress to the First Extension Valaris announces
growth starting Q1, accelerating through the Period. Europa is in the final stages of complet-
year. ing all its obligations for Inezgane and expects to contract award for
Gazania-1 exploration well result: The Gaza- complete the final relinquishment report shortly.
nia-1 exploration well located at Block 2B off- Once this final obligation has been satisfied the drillship VALARIS DS-12
shore the Northern Cape in Orange Basin, South bank guarantee of $315,000 will be released and
Africa, was safely drilled without incident to a repaid to Europa, following which the Company Valaris has announced that drillship VALARIS
depth of 2,360 metres. The well did not encoun- will have no further interests associated with DS-12 has been awarded a four-well contract
ter commercial hydrocarbons and will now be Inezgane. with BP offshore Egypt. The contract is expected
plugged and abandoned. Simon Oddie, CEO of Europa, said: “It has to commence late in the third quarter or early
Panoro holds a 12.5% non-operated inter- been a difficult decision not to progress to the in the fourth quarter 2023 and has an estimated
est in Block 2B with its total net share of costs First Extension Period as Inezgane offers signifi- duration of 320 days. The estimated total con-
associated with the exploration well expected to cant exploration potential. However, progressing tract value, inclusive of a mobilization fee, is
marginally exceed the $6mn previously guided. to the next stage would have required Europa to $136.4mn.
Further analysis and integration of the well commit to drilling an exploration well, which we President and Chief Executive Officer Anton
Dibowitz said: “We are honored that BP has cho-
sen VALARIS DS-12 for their upcoming devel-
opment campaign offshore Egypt. The rig has a
long and successful track record with the cus-
tomer, having worked for BP in several locations
offshore Africa, including Egypt, over the past
three and a half years. We look forward to part-
nering with BP on another successful campaign.”
Dibowitz added: “We retain significant oper-
ating leverage to the improving deepwater mar-
ket through our fleet of 11 drillships, including
three uncontracted high-specification rigs VAL-
ARIS DS-7, DS-8 and DS- 11, plus attractively
priced purchase options for newbuild rigs VAL-
ARIS DS-13 and DS-14.”
Valaris, November 21 2022

P16 www. NEWSBASE .com Week 47 24•November•2022