Panoro Energy: A Rising Tide in Gabon’s Oil Landscape
March 8, 2025, 5:25 am
Panoro Energy ASA is making waves in the oil industry. Recently, the company announced a significant oil discovery at the Bourdon prospect, located offshore Gabon. This discovery is not just a drop in the bucket; it’s a game-changer for the company and the region.
The Bourdon prospect is part of the Dussafu Marin Permit, where Panoro holds a 17.5% interest. The well was drilled to a depth of 4,135 meters using the Borr Norve jack-up rig. The results are promising. The well encountered approximately 34 meters of net oil pay within a 45-meter hydrocarbon column. This is the largest column discovered to date in the Dussafu area. It’s a treasure chest waiting to be opened.
Located about 15 kilometers west of the BW Adolo FPSO and 7.5 kilometers southeast of the MaBoMo production facility, the Bourdon prospect is strategically positioned. This discovery could lay the groundwork for a new development cluster in the Dussafu block, which is already rich with multiple prospects and leads.
The CEO of Panoro expressed optimism about the discovery. The company plans to analyze the final data from the well and possibly drill an appraisal side-track. This could further delineate the extent of the discovery and provide a clearer picture of the estimated resources. Early indications suggest that this could be the beginning of something big.
The Dussafu drilling campaign has already yielded four significant oil discoveries and eight new production wells. Combined with the six existing wells at the Tortue field, total gross production on the block has surged to around 40,000 barrels of oil per day (bopd). This is not just a flicker of success; it’s a roaring flame.
Panoro Energy is not just a player in Gabon. The company has a diverse portfolio across Africa. It holds interests in various blocks offshore Equatorial Guinea, as well as licenses in Tunisia and South Africa. This geographical spread provides a safety net, allowing the company to weather the storms of the oil market.
But the news doesn’t stop there. On the same day, Panoro also announced transactions under its share buyback program. This program, initiated in May 2024, aims to repurchase up to NOK 100 million in shares. Between March 3 and March 7, 2025, the company bought back 143,000 shares at an average price of NOK 25.3858. This move signals confidence in the company’s future and a commitment to returning value to shareholders.
The share buyback program is a strategic maneuver. It reduces the number of shares in circulation, potentially increasing the value of remaining shares. As of now, Panoro owns a total of 2,566,300 of its own shares, representing about 2.19% of its share capital. This is a clear message: Panoro believes in its own worth.
The oil market is notoriously volatile. Prices can swing like a pendulum, influenced by geopolitical tensions, supply and demand dynamics, and economic conditions. However, Panoro’s recent discoveries and strategic initiatives position it well to navigate these choppy waters.
Investors are keenly watching Panoro’s moves. The company’s ability to discover new oil reserves while simultaneously managing its share buyback program demonstrates a balanced approach to growth and shareholder value. It’s a tightrope walk, but Panoro seems to be finding its footing.
The Dussafu block is becoming a focal point for oil exploration in Gabon. With its rich reserves and strategic location, it has the potential to attract further investment and interest from other players in the industry. Panoro’s success could spark a renaissance in Gabon’s oil sector, drawing in new players and revitalizing existing operations.
In conclusion, Panoro Energy is riding a wave of success. The significant oil discovery at the Bourdon prospect is a beacon of hope for the company and the region. Coupled with its proactive share buyback program, Panoro is positioning itself as a formidable player in the oil industry. As the company continues to explore and develop its assets, the future looks bright. The tides are turning, and Panoro is set to sail into a prosperous horizon.
The Bourdon prospect is part of the Dussafu Marin Permit, where Panoro holds a 17.5% interest. The well was drilled to a depth of 4,135 meters using the Borr Norve jack-up rig. The results are promising. The well encountered approximately 34 meters of net oil pay within a 45-meter hydrocarbon column. This is the largest column discovered to date in the Dussafu area. It’s a treasure chest waiting to be opened.
Located about 15 kilometers west of the BW Adolo FPSO and 7.5 kilometers southeast of the MaBoMo production facility, the Bourdon prospect is strategically positioned. This discovery could lay the groundwork for a new development cluster in the Dussafu block, which is already rich with multiple prospects and leads.
The CEO of Panoro expressed optimism about the discovery. The company plans to analyze the final data from the well and possibly drill an appraisal side-track. This could further delineate the extent of the discovery and provide a clearer picture of the estimated resources. Early indications suggest that this could be the beginning of something big.
The Dussafu drilling campaign has already yielded four significant oil discoveries and eight new production wells. Combined with the six existing wells at the Tortue field, total gross production on the block has surged to around 40,000 barrels of oil per day (bopd). This is not just a flicker of success; it’s a roaring flame.
Panoro Energy is not just a player in Gabon. The company has a diverse portfolio across Africa. It holds interests in various blocks offshore Equatorial Guinea, as well as licenses in Tunisia and South Africa. This geographical spread provides a safety net, allowing the company to weather the storms of the oil market.
But the news doesn’t stop there. On the same day, Panoro also announced transactions under its share buyback program. This program, initiated in May 2024, aims to repurchase up to NOK 100 million in shares. Between March 3 and March 7, 2025, the company bought back 143,000 shares at an average price of NOK 25.3858. This move signals confidence in the company’s future and a commitment to returning value to shareholders.
The share buyback program is a strategic maneuver. It reduces the number of shares in circulation, potentially increasing the value of remaining shares. As of now, Panoro owns a total of 2,566,300 of its own shares, representing about 2.19% of its share capital. This is a clear message: Panoro believes in its own worth.
The oil market is notoriously volatile. Prices can swing like a pendulum, influenced by geopolitical tensions, supply and demand dynamics, and economic conditions. However, Panoro’s recent discoveries and strategic initiatives position it well to navigate these choppy waters.
Investors are keenly watching Panoro’s moves. The company’s ability to discover new oil reserves while simultaneously managing its share buyback program demonstrates a balanced approach to growth and shareholder value. It’s a tightrope walk, but Panoro seems to be finding its footing.
The Dussafu block is becoming a focal point for oil exploration in Gabon. With its rich reserves and strategic location, it has the potential to attract further investment and interest from other players in the industry. Panoro’s success could spark a renaissance in Gabon’s oil sector, drawing in new players and revitalizing existing operations.
In conclusion, Panoro Energy is riding a wave of success. The significant oil discovery at the Bourdon prospect is a beacon of hope for the company and the region. Coupled with its proactive share buyback program, Panoro is positioning itself as a formidable player in the oil industry. As the company continues to explore and develop its assets, the future looks bright. The tides are turning, and Panoro is set to sail into a prosperous horizon.