Panoro Achieves First Oil Production at Tortue, Dussafu

John Hamilton, Chief Executive Officer Panoro Energy said: "Achieving first oil at Tortue is a material milestone for Panoro, having been involved in the evolution of the Dussafu PSC, from oil discoveries, to modern interpretation following seismic acquisition, and now to first commercial production. We are extremely pleased for all stakeholders in this major production asset in Gabon, and the commencement of oil production at Dussafu represents a significant accomplishment for Gabon and the Dussafu project team."

John Hamilton, Chief Executive Officer Panoro Energy said: "Achieving first oil at Tortue is a material milestone for Panoro, having been involved in the evolution of the Dussafu PSC, from oil discoveries, to modern interpretation following seismic acquisition, and now to first commercial production. We are extremely pleased for all stakeholders in this major production asset in Gabon, and the commencement of oil production at Dussafu represents a significant accomplishment for Gabon and the Dussafu project team."

Dussafu is an Exclusive Exploitation Area ("EEA") of 850 square kilometres located in southern Gabon. The EEA is valid for 20 years from first oil production. The EEA currently contains 5 pre-salt oil discoveries, and holds multiple additional prospects and leads. Dussafu is operated by BW Energy and Panoro holds a 8.333% interest. The development concept entails a current Phase 1 consisting of two horizontal wells tied back to the FPSO BW Adolo.

About Panoro Energy 

Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds production, exploration and development assets in Africa, namely the Dussafu License offshore southern Gabon, the Sfax Offshore permit in Tunisia, and OML 113 offshore western Nigeria. In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential. For more information, please visit the Company's website at www.panoroenergy.com.

Enquiries:
Panoro Energy ASA                                       
John Hamilton, Chief Executive Officer          
+44-203-405-1060
[email protected]

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