Appraisal success, a fifth MaBoMo well under assessment and a PSC extended to 2053 show why contract certainty matters.
Panoro Energy (17.5% interest) reports that the Dussafu joint venture has completed two open-water appraisal wells in the North-West Hibiscus area, offshore Gabon.
Appraisal results
The first well found a 16-metre oil column in Gamba sands next to the Hibiscus field. A sidetrack found a 30-metre column in an undeveloped part of the field. Preliminary estimates point to roughly 8-9 million barrels of recoverable oil.
MaBoMo Phase 2
The partners are now assessing a fifth production well to follow the four-well MaBoMo Phase 2 campaign, targeting at least 6 million barrels. The campaign is aimed at restoring output to the FPSO’s 40,000 bopd nameplate capacity, with first oil expected in early 2027.
The contractual story
The Dussafu PSC was extended with government approval to 2053. That gave the partners a long runway for Bourdon, further appraisal and tie-backs.
What this means for clients
For investors, this is a clear example of a point we keep returning to: stable, extended contract terms are what let drilling and infrastructure decisions follow the geology.
In practice, a long licence runway changes how appraisal and tie-back investments are evaluated. A discovery that is small on its own can still justify development when it can be tied back to existing infrastructure over a long enough period. Operators and investors assessing Gabonese assets should therefore look at the remaining term of the PSC and the process for extension alongside the technical case. Where an extension is available, it should be approved and documented before capital is committed to tie-backs. Lechêne, Iñiguez & Partners can advise on PSC term, extension mechanics and tie-back arrangements.
