Panoro Energy is set to start oil production at Aje field in Nigeria.
The company has reached the Â final stage of its development operations at the Aje oilfield offshore the nation.
According to the company, the final hook up procedures is in progress with a view to the wells being brought into production shortly.
Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN.
The Company holds high quality exploration and development assets in West Africa, namely the Dussafu License offshore southern Gabon, and OML 113 offshore western Nigeria.
Both assets have discoveries with approved Field Development Plans.
In addition to discovered hydrocarbon resources and reserves, both assets also hold significant exploration potential.
Panoro Energy ASA has a 6.502per cent interest in OML 113 which is operated by Yinka Folawiyo Petroleum and is located in the extreme western part of offshore Nigeria adjacent to the Benin border.
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 and in October 2014 the Final Investment Decision, 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 will produce an estimated mid case of 28.5MMbbls 41Â° API oil with production starting early 2016 at a rate of circa 1,100 bbls/day.
Two further wells, Aje-6 and Aje-7, are expected to bring total Cenomanian oil production up to over 50 MMbbls.
A third Turonian gas condensate development phase is being conceptualised and will likely involve 3 or 4 wells producing over 500 bcf of gas, 22 MMbbls of condensate and 40 MMbbls of LPG.
The development project activity is well underway with works on the FPSO and subsea equipment completing.