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Vanco Completes Canario Well Offshore Brazil

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Panoro Energy ASA announced that the drilling of the Canário well is completed. The Canario exploration well 1-VBEP-2-SPS was drilled in Concession BM-S-63 (Block S-M-1036) in the Santos basin. The well is located about 143 miles (230 kilometers) south the town of Santos, São Paulo State, Brazil, in water depths of 656 feet (200 meters). The well has reached a final depth of 14,600 feet (4,450 meters).

Panoro Energy ASA is currently evaluating the drilling results of the Canário prospect. However, preliminary data indicate that the well has not encountered material reservoirs with hydrocarbon.

Following the abandonment of this well, the GSF Arctic I (mid-water semisub) rig will be moved to drill the third prospect in the exploration campaign, the Jandáia Prospect, which is expected to spud within two weeks.

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


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