Panoro Energy has provisionally been awarded a 25% nonoperated interest in exploration blocks G12-13 and H12-13 offshore shallow-water Gabon following the 12th Offshore Licensing Round. The award remains subject to final agreement of the terms of the production-sharing contracts with the government of Gabon. Partners in the blocks will include BW Energy (37.5% and operator) and VAALCO Energy (37.5%).
Blocks G12-13 and H12-13 cover a surface area of 2989 km2 and 1929 km2, respectively, and are adjacent to the producing Dussafu Marin Permit, in which Panoro holds a 17.5% interest and is partnered with BW Energy. The G12-13 block is also adjacent to the producing Etame Marin license operated by VAALCO Energy.
Panoro expects the contracts over the two blocks will have an exploration period of 8 years with an option to extend by another 2 years. During the exploration period, the partners intend to carry out a work program which may include reprocessing of existing seismic, new seismic acquisition, and exploration drilling.