Panoro Energy ASA has announced a timing change for its drilling campaign offshore Equatorial Guinea, which began on Block G in January, according to the company's release.
Following a recommendation from the Operator, Trident Energy, the joint venture has opted to terminate the current rig contract due to concerns about the rig's operational safety for drilling wells. The Operator, representing the joint venture, is currently exploring alternative options to ensure the safe resumption and completion of the drilling campaign, including the Kosmos operated Akeng Deep exploration well. This is expected to occur potentially during Q2, subject to rig availability and the terms of alternative options.
Hamilton further noted that postponing the drilling campaign would result in a more favorable allocation of capital expenditures across the group.
Panoro Energy ASA is an independent exploration and production company based in London and listed on the main board of the Oslo Stock Exchange with the ticker PEN. Panoro holds production, exploration and development assets in Africa, namely interests in Block-G, Block S and Block EG-01 offshore Equatorial Guinea, the Dussafu Marin License offshore southern Gabon, the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia and onshore Technical Co-operation Permit 218 in South Africa.