Panoro: Aje drilling done. First oil in January

Panoro Energy on Monday announced the completion of well operations on the Aje field on the OML 113 license offshore Nigeria.

The Aje-4 well, which was previously drilled in 2008, has been completed as an oil production well, the company said.

This follows the previously reported completion of the Aje-5 production well. Both wells have been perforated in the Cenomanian oil bearing zones with positive indications of well productivity based on the short flow-backs carried out during the completion programs.

Subsea trees have been installed on both wells, and the wells are now suspended ready for connection to the oil production facilities, prior to start of production.

The Saipem Scarabeo 3 drilling rig is currently being demobilized.

Based on the well results and updated perforation modelling, management is confident that it should meet its indicated daily production guidance, Panoro said.

John Hamilton, Panoro Energy CEO, said: “We are very pleased to have now successfully concluded the well operations phase of the Aje Cenomanian oil development and are encouraged with the reported well results. We have achieved a major milestone to de-risk the project and are looking forward to starting commercial production towards the end of January 2016, following which we can begin generating positive cash flow.”

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