Panoro Energy ASA has a 12.5% interest in Block 2B which is operated by Azinam Limited 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 with the A-J graben with a total of 1 billion barrels of gross unrisked 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. The Joint Venture partners intend to test this potential with the Gazania-1 well, targeting a relatively low risk oil play up dip of the A-J 1 discovery. The well is expected to be drilled by the end of 2021.
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.