Panoro Energy Advances Development Plan for Equatorial Guinea Discoveries

Panoro Energy is progressing toward a final investment decision (FID) by early 2027 for a two-field project offshore Equatorial Guinea, targeting first oil in the first quarter of 2029. The project involves developing the Estrella and Rodo discoveries on the shallow-water EG 23 block, located north of Bioko Island, which Panoro secured in late 2024. Executive chairman Julien Balkany highlighted the company's focus on maturing the development plan, with combined contingent resources estimated at about 26 million barrels of oil equivalent—Estrella contains gas and condensate, while Rodo holds oil.

The company is currently reprocessing seismic data for these discoveries, originally drilled by Marathon Oil in 2001 (Estrella) and 2015 (Rodo), both previously deemed non-commercial. Balkany noted the proximity to ConocoPhillips' producing Alba gas and condensate field, which has supplied feedstock to the Equatorial Guinea LNG plant for nearly two decades, making it "totally logical" to develop Estrella and Rodo as likely one-well subsea satellites to Alba, though Rodo may require a water injector. Panoro aims to submit a field development plan to authorities by the end of 2025 and achieve FID by the first quarter of 2027.

Panoro holds an 80% stake in the EG 23 block, partnered with state-owned GePetrol. Production from the two fields is expected to range between 10,000 and 15,000 barrels of oil equivalent per day. Balkany described EG 23 as "a jewel in our portfolio that has not got a lot of attention in the market."

Separately, Panoro recently boosted its exposure to the Trident Energy-operated Ceiba and Oveng-Okume fields offshore Rio Muni by completing a $127 million acquisition of Kosmos Energy’s stake, increasing its interest to about 55%. These fields currently produce just below 20,000 barrels per day of oil, with hopes for output growth before the next infill drilling campaign, likely starting in 2028.