BW Energy's Gabon Oil Find Volumes Disappoint
Exploration and production company BW Energy has stated that preliminary results from its Hibiscus North exploration well off Gabon were not as good as it hoped but that there was an upside to it as well.
BW Energy said that the results indicated reserves below the lower end of the pre-drill resource estimate but regardless of that could be tied back to the Hibiscus/Ruche development.
The drilling and logging of the Hibiscus North (DHBNM-1) exploration well has been concluded and it is located in a separate structure, approximately 4 miles north-northeast of the Hibiscus discovery in 377 feet of water depth. The well was drilled to a total depth of almost 11,000 feet.
During the drilling operations at Hibiscus North, an oil-bearing reservoir was encountered in the Upper Gamba sandstone and the deeper Dentale formation.
BW Energy stated that wireline logging operations and fluid samplings showed lower volumes of hydrocarbons than expected. Pending further analysis, the preliminary results indicate that the field could be incorporated into future development planning with a possible tie back to the Hibiscus Ruche development but with reserves below the lower end of the pre-drill resource estimate of potential 10 to 40 million barrels of oil.
The existing Hibiscus 2P gross recoverable reserves of 46.1 million barrels established by the Hibiscus well (DHIBM-1) and its appraisal sidetrack – drilled in 2019 – remain unaffected and will form the core of the upcoming Hibiscus/Ruche development project. Planning for this next phase remains on track.
Borr Drilling’s Norve Jack-up is now continuing to finalize drilling operations and the well will then be plugged and abandoned.
To remind, the Hibiscus North exploration well was spud on July 28, while an oil discovery at Hibiscus North was announced on August 24, 2021.
In a separate statement on Thursday, Panoro stated that the partners would not drill a side-track. But Panoro CEO John Hamilton claimed that this well, regardless of its shortcomings, again proved that Dussafu was a highly attractive block which can still hold additional oil.
“Our efforts will now turn to how we can optimally incorporate and tie back the discovery into our future development plans,” Hamilton said.
As for the Dussafu Block, it is 328 square miles. BW Energy is the operator and holds a 73.5 percent interest in the block. Panoro and the Gabonese Oil Company hold 17.5 and 9 percent interest, respectively.
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