The AEC recognizes that this discovery is a significant milestone for the region, and it holds great promise for Africa’s energy security and economic development. Aligning with pre-drill expectations of approximately 16 million barrels of oil in place and seven million barrels recoverable, the discovery represents an opportunity to further bolster the continent’s energy security by adding substantial oil reserves to its resource base.

The well was drilled from the MaBoMo production platform at a total depth of 6,002 meters. Separate from the Hibiscus field and with a deeper oil-water contact, the Hibiscus South find has the potential to book additional reserves, highlighting significant development potential. Project partners Panoro Energy and BW Energy plan to complete the well as a producing asset as early as 2024m signaling new opportunities for Gabon’s economic growth and energy security.

John Hamilton, CEO of Panoro Energy, stated that, “The Hibiscus South discovery underscores the substantial organic upside potential that exists on the Dussafu Marin Permit offshore Gabon and is the sixth oil discovery to be made on the block under Panoro’s participation, representing an 86% success rate in the Gamba reservoir. In line with our infrastructure-led exploration and appraisal strategy, we will leverage the existing production infrastructure nearby to rapidly develop these new high-margin barrels cost-effectively as part of the current campaign.”

As the sixth discovery on the block under Panoro’s participation, the recent find reflects the company’s successful track record and commitment to responsible and economically advantageous oil exploration and production, aligning with industry best practices and contributing positively to the economic development of the region and the energy sector.

Panoro Energy’s discovery not only augments Africa’s energy self-reliance but also provides a chance to diversify and strengthen its position in the global energy market. Gabon’s oil sector has long been a vital driver of economic development, and this discovery contributes to that legacy. The additional oil reserves can stimulate economic growth through increased production, job creation, and revenue generation. Furthermore, it enables the country and continent at large to reduce its reliance on imported energy resources, making it more self-sufficient and resilient in the face of energy market fluctuations.

“The AEC supports and celebrates the success of the Hibiscus South well discovery by Panoro Energy offshore Gabon. This achievement is a testament to the immense potential that exists within the African energy sector. It not only boosts our confidence in the region’s hydrocarbon resources but also highlights the importance of continued exploration and investment in Africa’s oil and gas industry,” states NJ Ayuk, Executive Chairman of the AEC.

The recent Gabonese discovery serves as a testament to the untapped potential that lies across Africa’s energy sector, demonstrating that the continent can harness its own resources to meet its growing energy demands. As Africa continues to strive for economic advancement and energy security, developments like these are crucial steps toward realizing these ambitions. The AEC, in collaboration with industry leaders like Panoro Energy, remains dedicated to supporting and promoting such achievements that contribute to energy security, economic growth, and prosperity across the continent.