Independent exploration and production company Panoro Energy has finalized terms for Block EG-23 with Equatorial Guinea’s Ministry of Mines and Hydrocarbons and national oil company GEPetrol. A Heads of Terms was signed by the parties, with negotiations for the signing of a Production Sharing Contract (PSC) now underway.
In addition to a PSC – in which Panoro Energy expects an initial 80% stake -, the parties will finalize the block’s development program and budget. The company projects the initial work program to center around the re-processing of existing seismic data.
Panoro Energy CEO John Hamilton said, “The award of a PSC for Block EG-23, when finalized, will be a complementary expansion of our existing acreage portfolio in Equatorial Guinea. We look forward to partnering with GEPetrol to leverage our collective core subsurface skill sets, increasing our exposure to a broad range of play types, prospects and leads in the vicinity of existing infrastructure.”
