Panoro Energy - Operations in South Africa

South Africa

Block 2B

Panoro Energy ASA has a 12.5% interest in Block 2B which is operated by Eco Atlantic Oil & Gas and is located in the Orange Basin. The block, in water depths between 50 and 200 metres and covering an area of 3,062 km2, contains the A-J rift graben. In 1988 the A-J 1 well drilled by Soekor encountered reservoir sandstones between 2,985 metres and 3,350 metres depth. High quality 36 API oil was tested over an interval within these sandstones at a rate of 191 barrels of oil per day.

Significant upside potential exists within the A-J graben with a total of 1 billion barrels of gross un-risked prospective resources identified. Six prospect areas at depths of up to 1,000 metres shallower than the reservoirs in A-J 1 have been mapped on the 686 square kilometres of 3D seismic data covering the A-J graben area.

Additional further potential exists in separate rift grabens to the north and south of the A-J graben and potential for significant gas discoveries in the shallower sequences above the rift graben succession over the whole block.