Panoro Wraps Up Drilling at Sabia Well

Panoro Energy ASA announced that the drilling of the Sabia well is completed.

Panoro Energy ASA is currently evaluating the drilling results of well 1-VBEP-1-SPS which targeted the Sabiá prospect, located in Concession BM-S-72 (Block S-M-1100) in the Santos basin. Three main reservoirs were the targets of this well; the Intra Juréia, the Itajaí-Açú wedge turbidites and the Ilha Bela 2 turbidites. The well is placed about 155 miles (250 kilometers) south the town of Santos, São Paulo State, Brazil, in water depths of 640 feet (195 meters). The well has reached a final depth of 13,780 feet (4,200 meters) where a decision was made to stop drilling.

Based on the current data, it is expected that discovered volumes are at the low end of the pre-drill range as envisaged by Panoro. Early indications are that the commerciality of the discovery cannot firmly be stated at this moment, but the well showed that an active petroleum system is operating in the area which can have a positive impact in the geological chance of success for the next two prospects to be drilled in the area, namely the Canário and Jandáia prospects. However, only after integration of all data will a more accurate assessment of the discovered volumes be possible.

The rig GSF Arctic I (mid-water semisub) will now be moved to drill the second prospect in the exploration campaign, the Canário Prospect, which is expected to spud within two weeks.

Panoro Energy holds a 15 percent ownership in this block and its costs for the Sabiá well have been fully carried. The partners are Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda (Operator 70 percent) and Brasoil Round 9 Exploração Petrolífera Ltda (15 percent).


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