Panoro Energy - Operations in Equatorial Guinea

Equatorial Guinea

Block G (Ceiba Field and Okume Complex)

The Ceiba Field and Okume Complex assets comprise six oil fields offshore Equatorial Guinea. The Ceiba Field is located in 600-800 m of water depth on the slope of the southern Rio Muni Basin approximately 35 km offshore. Oil production commenced in November 2000 and the field was developed in phases with the production wells tied back to the Ceiba FPSO through a system of six subsea manifolds and flowlines. The produced liquids are processed on the FPSO for export.

The Okume Complex consists of five separate oil fields, Okume, Ebano, Oveng, Akom North and Elon. The Okume Complex fields were discovered in 2001 and 2002 and are developed utilising four fixed jackets in the Elon field and two tension leg platforms to develop remaining fields. All fields are tied back to a central processing facility (CPF) at one of the Elon platforms. The processed oil from the CPF is transported via a 25km, 12 inch pipeline to the Ceiba FPSO for export.

In May 2021 the Ministry of Mines and Hydrocarbons of Equatorial Guinea and the Joint Venture partners at Block G agreed a material time extension of the Production Sharing Contract (“PSC”) until 31 December 2040 covering both the producing Ceiba and Okume Complex Fields. Prior to the extension the PSC expiry for the Ceiba Field was 2029 and for the Okume Complex field 2034.

During 2021 gross production from the Block G fields amounted to 10.9 MMbbls. As of the end of 2021 Block G had a total combined gross 2P reserve of 92.5 MMbbls and unrisked gross 2C resources of 146.4 MMbbls.