Panoro Energy: A Rising Tide in Gabon’s Oil Landscape
April 23, 2025, 6:00 pm
Panoro Energy ASA is making waves in the oil industry. Recent discoveries and impressive reserve reports signal a bright future for this independent exploration and production company. Based in London and listed on the Oslo Stock Exchange, Panoro is carving out a significant niche in Africa's oil sector, particularly in Gabon.
On April 22, 2025, Panoro announced a successful appraisal of the Bourdon prospect. This discovery is not just a drop in the ocean; it’s a potential game-changer. The Bourdon prospect, located in the Dussafu Marin Permit offshore Gabon, is estimated to hold around 56 million barrels of oil in place. Of that, approximately 25 million barrels are deemed recoverable. This is a substantial find, one that could reshape the company’s future.
The DBM-1 ST2 well, drilled to a depth of 4,731 meters, encountered 11 meters of net oil pay. This is a solid indication of the Gamba formation's potential. The Bourdon site is strategically located just 15 kilometers from the FPSO BW Adolo and 7.5 kilometers from the MaBoMo production platform. Such proximity to existing infrastructure can significantly reduce development costs and timelines.
Panoro holds a 17.5 percent working interest in the Dussafu Marin Permit, with BW Energy as the operator holding 73.5 percent. The Gabon Oil Company rounds out the partnership with a 9 percent stake. This collaborative approach is vital in the oil industry, where shared resources can lead to shared success.
The CEO of Panoro expressed optimism about the Bourdon discovery. He sees it as a stepping stone to establishing a new development hub. This hub could integrate Bourdon with other nearby prospects, similar to the successful developments at the Tortue and Hibiscus/Ruche fields. The Dussafu block is proving to be a treasure trove, with a wealth of undrilled prospects waiting to be explored.
But the good news doesn’t stop there. Just a day later, on April 23, 2025, Panoro released its 2024 Annual Statement of Reserves. The company achieved an impressive organic reserve replacement ratio of 309 percent. This means that for every barrel of oil produced, the company replaced it with more than three barrels. Such a ratio is a testament to effective exploration and resource management.
As of December 31, 2024, Panoro’s net working interest 2P reserves stood at 42.27 million barrels, a 22 percent increase from the previous year. This growth is largely attributed to discoveries in the Hibiscus area and the reclassification of certain resources in Equatorial Guinea. The company’s 1P reserves also saw a boost, rising to 29.54 million barrels.
The numbers tell a compelling story. Proved reserves (1P) increased from 23.22 million barrels in 2023 to 29.54 million barrels in 2024. The total proved plus probable reserves (2P) rose from 34.67 million barrels to 42.27 million barrels. Even the possible reserves (3P) climbed from 46.52 million barrels to 57.01 million barrels. These figures paint a picture of a company on the rise, fueled by successful exploration and development.
Panoro’s strategy appears sound. The company is not just sitting on its laurels; it is actively seeking new opportunities. The Dussafu block is rich with potential, and the recent appraisal of Bourdon only adds to the excitement. The company’s commitment to exploration is evident in its large inventory of undrilled prospects. This could unlock further reserves and production for years to come.
Moreover, Panoro's 2C contingent resource base stands at 25.6 million barrels. This is another layer of potential that could be tapped into as the company continues its exploration efforts. The independent assessment by Netherland Sewell & Associates Inc. adds credibility to these figures, ensuring that investors can trust the data being presented.
In a world where energy demands are ever-increasing, Panoro Energy is positioning itself as a key player in the oil market. The discoveries in Gabon are not just numbers on a balance sheet; they represent jobs, investments, and economic growth. As the company continues to explore and develop its assets, it stands to benefit from the rising tide of global oil demand.
In conclusion, Panoro Energy is on a promising trajectory. The Bourdon discovery and the robust reserve replacement ratio are just the beginning. With a strategic focus on exploration and development, Panoro is set to navigate the complexities of the oil industry. The future looks bright for this rising star in the African oil landscape. As they say, fortune favors the bold, and Panoro is boldly charting its course toward success.
On April 22, 2025, Panoro announced a successful appraisal of the Bourdon prospect. This discovery is not just a drop in the ocean; it’s a potential game-changer. The Bourdon prospect, located in the Dussafu Marin Permit offshore Gabon, is estimated to hold around 56 million barrels of oil in place. Of that, approximately 25 million barrels are deemed recoverable. This is a substantial find, one that could reshape the company’s future.
The DBM-1 ST2 well, drilled to a depth of 4,731 meters, encountered 11 meters of net oil pay. This is a solid indication of the Gamba formation's potential. The Bourdon site is strategically located just 15 kilometers from the FPSO BW Adolo and 7.5 kilometers from the MaBoMo production platform. Such proximity to existing infrastructure can significantly reduce development costs and timelines.
Panoro holds a 17.5 percent working interest in the Dussafu Marin Permit, with BW Energy as the operator holding 73.5 percent. The Gabon Oil Company rounds out the partnership with a 9 percent stake. This collaborative approach is vital in the oil industry, where shared resources can lead to shared success.
The CEO of Panoro expressed optimism about the Bourdon discovery. He sees it as a stepping stone to establishing a new development hub. This hub could integrate Bourdon with other nearby prospects, similar to the successful developments at the Tortue and Hibiscus/Ruche fields. The Dussafu block is proving to be a treasure trove, with a wealth of undrilled prospects waiting to be explored.
But the good news doesn’t stop there. Just a day later, on April 23, 2025, Panoro released its 2024 Annual Statement of Reserves. The company achieved an impressive organic reserve replacement ratio of 309 percent. This means that for every barrel of oil produced, the company replaced it with more than three barrels. Such a ratio is a testament to effective exploration and resource management.
As of December 31, 2024, Panoro’s net working interest 2P reserves stood at 42.27 million barrels, a 22 percent increase from the previous year. This growth is largely attributed to discoveries in the Hibiscus area and the reclassification of certain resources in Equatorial Guinea. The company’s 1P reserves also saw a boost, rising to 29.54 million barrels.
The numbers tell a compelling story. Proved reserves (1P) increased from 23.22 million barrels in 2023 to 29.54 million barrels in 2024. The total proved plus probable reserves (2P) rose from 34.67 million barrels to 42.27 million barrels. Even the possible reserves (3P) climbed from 46.52 million barrels to 57.01 million barrels. These figures paint a picture of a company on the rise, fueled by successful exploration and development.
Panoro’s strategy appears sound. The company is not just sitting on its laurels; it is actively seeking new opportunities. The Dussafu block is rich with potential, and the recent appraisal of Bourdon only adds to the excitement. The company’s commitment to exploration is evident in its large inventory of undrilled prospects. This could unlock further reserves and production for years to come.
Moreover, Panoro's 2C contingent resource base stands at 25.6 million barrels. This is another layer of potential that could be tapped into as the company continues its exploration efforts. The independent assessment by Netherland Sewell & Associates Inc. adds credibility to these figures, ensuring that investors can trust the data being presented.
In a world where energy demands are ever-increasing, Panoro Energy is positioning itself as a key player in the oil market. The discoveries in Gabon are not just numbers on a balance sheet; they represent jobs, investments, and economic growth. As the company continues to explore and develop its assets, it stands to benefit from the rising tide of global oil demand.
In conclusion, Panoro Energy is on a promising trajectory. The Bourdon discovery and the robust reserve replacement ratio are just the beginning. With a strategic focus on exploration and development, Panoro is set to navigate the complexities of the oil industry. The future looks bright for this rising star in the African oil landscape. As they say, fortune favors the bold, and Panoro is boldly charting its course toward success.