Pan-Ocean Energy Corporation Limited has announced a discovery on the exploration well EAVOM-1, located on the Avouma prospect, 16.5 kilometres south of the Company's producing Etame field offshore Gabon, West Africa. EAVOM-1 is the second discovery made on the Etame Permit this year. PanOcean has a 33.9% interest in the well.
The EAVOM-1 exploration well was successfully drilled to a total depth of 2,485 metres and logged, subsequent to which a decision was made by the partners to drill stem test the well. PanOcean's petrophysical analysis of well logs indicate net oil pay of approximately 11 metres in the Gamba sandstone, having a porosity of approximately 26%. Based on the data collected thus far, the EAVOM-1 well has come in on prognosis, confirming the Company's initial expectation for the prospect. Casing is currently being run in the well to allow the production test, the results of which are expected within the next two to three days. Should test results confirm a commercial discovery, PanOcean together with its Etame partners will undertake engineering studies of the new pool in conjunction with the Ebouri discovery announced in January to bring the new discoveries onto production.
Should Avouma prove commercial, PanOcean would own a 31.36% working interest the field, with the other partners VAALCO Energy, Inc. (28.07% and operator), Sasol (27.75%), Sojitz Etame Limited (2.98%),
PetroEnergy Resources Corp. (2.34%) and Tullow Oil plc (7.5%).
