Panoro: First oil from Aje expected in January, 2016 (Nigeria)

Panoro Energy ASA, an independent E&P company has announced that the Aje-5 production well located on the OML 113 license, offshore Nigeria, has been successfully completed, and the reservoir has been perforated in the Upper and Lower Cenomanian Oil-bearing zones.

In an announcement on Friday, Panoro said that the subsea tree has been installed and the well has been suspended ready for connection to the oil production facilities prior to the beginning of production.

To remind, the well was spudded in July with the Saipem Scarabeo 3 semi-submersible drilling rig

Furthermore, the Saipem Scarabeo 3 has been moved to re-enter the existing Aje-4 well for completion as a second Cenomanian production well. All key equipment related to the Aje oilfield development has now been delivered to Lagos, Panoro has said. The equipment includes the FPSO moorings and turret buoy, the production manifold, the umbilical termination assembly, and the umbilicals and flowlines. Panoro adds that the ongoing refurbishment of the Front Puffin FPSO is on schedule, and it expects the vessel to sail from Singapore about six weeks prior to its installation date.

Panoro says it currently estimates the project timing and costs to be largely on track, although, for planning purposes, the company say that first oil is expected by the end of January 2016.

COO leaving

In addition, the company said that Nishant Dighe would depart from his position as Panoro’s President and Chief Operating Officer (COO), effective November 30, 2015. Panoro added Dighe would continue as an advisor to the company for a transitional period.

Julien Balkany, Chairman of the Board said: “On behalf of the Company and the Board of Directors we express our sincere appreciation to Nish for his dedication, valuable contribution, and hard work over the years. Nish has played a key role in the establishment, growth and transformation of the Company. We wish him the very best in his future endeavours.”

Yinka Folawiyo Petroleum is the operator of the OML 113 licence and other partners are New Age, FHN (Afren Subsidiary), Energy Equity Resources, and Jacka Resources.

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