Lagos’ Aje Oilfield Produces in Excess of 10,000 Barrels Daily

Panoro Energy, an independent oil and gas company based in the United Kingdom, has stated that the two wells in Aje oil field located in Oil Mining Lease, OML 113, offshore Lagos, have tested in excess of 10,000 barrels of oil equivalent per day.

Yinka Folawiyo Petroleum, in partnership with Panoro Energy ASA and First Hydrocarbon Nigeria (FHN) Limited, among others, had on May 3, 2016 achieved first oil on Aje field, after spending over 20 years exploring for hydrocarbon resources off the coast of Lagos.

In its first quarter 2016 financial results released at the weekend, Panoro announced that the two wells in Aje field have tested in excess of 5,000 bopd each.

Chief Executive Officer of the company,John Hamilton, CEO of Panoro, commented that his company was extremely pleased to have reached first oil production at Aje, offshore Nigeria.

He said: “This is a transformational milestone and establishes Panoro as a full cycle E&P company. In Gabon, we continue to see enormous potential upside at Dussafu where we are working on securing partners to drill an exploration well. We feel this well will be the catalyst to move the project forward and unlock its inherent value.”

Having achieved production at Aje, we have established a strong platform from which to grow Panoro and add value for our shareholders. Looking forward, our strategy is to now expand our portfolio by acquiring further high quality production and development assets in West Africa,” Hamilton explained.

The first two wells in Aje Are expected to peak at 12,000 barrels of oil per day, and the flow rates would increase as more wells are drilled on the field.