First Oil Flows from Aje Field in Nigeria

Panoro Energy together with the operator of OML 113, Yinka Folawiyo Petroleum Company, announced the start of the first oil production from the Aje field, offshore Lagos, Nigeria.

Subsea installation activities had been underway at Aje, located in OML 113, since January and were completed in early March ready for the hook-up of the Front Puffin FPSO, which arrived in Nigeria on March 16, 2016.

Oil produced from the Aje field will be stored on the Front Puffin which has production capacity of 40,000 barrels of oil per day and storage capacity of 750,000 barrels.

Panoro’s chief executive officer, John Hamilton, said: “We are extremely pleased to announce the start of first oil production at Aje. This is a transformational milestone for Panoro and represents a great achievement by the Aje project teams. It is also a key building block in our strategy to become a full cycle E&P company focused on West Africa. The commencement of production at Aje is also significant for Nigeria as it is the first commercial production for the country in the emerging Dahomey Basin.”

Aje field is situated in water depths ranging from 100 to 1,000 meters about 24 km from the coast.

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