Panoro Energy ASA announced that the Hibiscus South well (DHBSM-1) has made a commercial oil discovery on the Dussafu Marin Permit offshore Gabon (Panoro Energy 17.5% working interest). Hibiscus South is located approximately five kilometres south-west of the BW Mabomo production platform from where the well was drilled to a total depth of 6,002 metres by the Borr Norve jack-up drilling rig. Evaluation of well log data and sample analysis confirms that the well intersected approximately 20 metres of oil pay in an overall hydrocarbon column of approximately 26.5 metres in the regionally prolific Gamba formation which is productive at the Tortue and Hibiscus fields elsewhere on the block.

The partners plan to return to the well to complete it as a production well in early 2024. Preliminary estimates of recoverable volumes at Hibiscus South are six to seven million barrels of oil and in line with pre-drill expectations of approximately 16 million barrels of oil in place /7 million barrels recoverable.