Panoro Energy confirmed that the award of Block EG-01 has been ratified by the Government of Equatorial Guinea. The company further announced that all necessary approvals have been received allowing for the completion of Panoro’s farm-in to the Kosmos Energy-operated Block S offshore Equatorial Guinea.
Block EG-01 is located in water depths ranging from 30 meters to 500 meters, mainly shallow, and is covered by high-quality 3D seismic. The partners have been awarded block EG-01 for an initial period of three years during which they will conduct subsurface studies based on existing seismic data to further define and evaluate the prospectivity of the block. Following this, the partners will have the option to enter into a further two-year period, during which they will undertake to drill one exploration well.
Panoro will hold a 56% operated interest in Block EG-01 alongside partners Kosmos Energy (24%) and GEPetrol (20%).
