Norway-based Panoro Energy has completed well operations at the Aje field in offshore Nigeria.

The Aje-4 well on the OML 113 licence was previously drilled in 2008 and has now completed as an oil production well.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The latest development follows the previously completed Aje-5 production well.

According to the company, both wells have been perforated in the Cenomanian oil bearing zones with positive indications of well productivity.

"We have achieved a major milestone to de-risk the project."

Panoro Energy installed subsea trees on both wells, which are now suspended and ready for tie-up with the oil production facilities before they begin production.

See Also:

The Saipem Scarabeo 3 drilling rig is currently being demobilised.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Panoro Energy CEO John Hamilton said: "We are very pleased to have now successfully concluded the well operations phase of the Aje Cenomanian oil development and are encouraged with the reported well results.

"We have achieved a major milestone to de-risk the project and are looking forward to starting commercial production towards the end of January 2016, following which we can begin generating positive cash-flow."

OML 113 is operated by Yinka Folawiyo Petroleum with 60% interest. The remaining 40% is owned by a joint venture of Chevron Nigeria Deepwater, Vitol Exploration Nigeria, Panoro Energy, Energy Equity Resources and Jacka Resources.