Panoro Energy has started drilling on the Aje-5 production well in the OML 113 licence, offshore Nigeria.

Using the Saipem Scarabeo 3 semi-submersible drilling rig, the well is being drilled from a seabed location close to Aje-4 in 300m water depth.

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The drilling is planned to target a location close to the Aje-2 subsurface, which encountered and tested high-quality oil-bearing Cenomanian reservoir.

Panoro Energy plans to complete the Aje-5 well as a subsea oil production well up on completion of drilling.

"The company expects the drilling and other activities for Aje-5 to be completed within 70 days."

The company expects the drilling and other activities for Aje-5 to be completed within 70 days.

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The semi-submersible rig will be later used to complete the existing Aje-4 well as a second Cenomanian subsea oil production well.

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During the fourth quarter, the company will install production manifold, flowlines, umbilicals and risers.

The floating production storage and offloading (FPSO) vessel Front Puffin will be then installed and commissioned with plans to commence production by the end of the year.

In accordance with the first phase of the field development plan, the production flow-rate is estimated to be around 1,100 barrels of oil per day (bopd).

Located in the Dahomey Basin in west Nigeria, Aje field is situated in depths ranging from 100m to 1,000m around 24km from the coast.

It is said to host hydrocarbon resources in sandstone reservoirs in three levels, including Turonian gas condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate reservoir.

Panoro Energy holds 6.5% participating interest in OML 113 with a 12.1% revenue interest and 16.25% paying interest in the Aje Field.