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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.

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.

The Saipem Scarabeo 3 drilling rig is currently being demobilised.

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By GlobalData

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.