Panoro Energy ASA has a 6.502% interest in OML 113 which is operated by Yinka Folawiyo Petroleum (YFP) and is located in the extreme western part of offshore Nigeria adjacent to the Benin border. The licence contains the Aje field as well as a number of exploration prospects. The Aje Field was discovered in 1997 in water depths ranging from 100-1,500m. Unlike the majority of Nigerian Fields which are productive from Tertiary age sandstones, Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian age sandstones. Five wells have been drilled to date on the Aje Field. Aje-1 and Aje-2 tested oil and gas condensate at high rates from the Turonian and Cenomanian reservoirs and Aje-4 confirmed the productivity of these reservoirs and discovered an additional deeper Albian age reservoir. Aje-5 was drilled in 2015 as a development well for the Cenomanian oil reservoir. The OML 113 license has full 3D seismic coverage from surveys acquired in 1997 and 2014.
In March 2014 the Government of Nigeria approved of the Aje Field Development Plan (“FDP”) and in October 2014 the Final Investment Decision (“FID”) for the project was made. The FDP describes a development of the Aje Cenomanian oil reservoir via two subsea wells, the new Aje-5 well and a re-completed Aje-4 well, and a leased FPSO, the initial 2 wells have been in production since May 2016. The Turonian gas condensate development phase is at the planning stage and will involved 3 or 4 wells producing over 500bcf of gas, 22MMbbls of condensate and 40MMbbls of LPG.