Panoro Energy ASA announce that a Field Development Plan (FDP) to develop the Aje Field has been approved by the Department of Petroleum Resources (DPR) in Nigeria. Panoro also announce that the Joint Venture partners expect to commence a new 3D seismic acquisition program over the OML113 license.
Aje is an offshore field located in the western part of Nigeria in the Dahomey Basin. The field is situated in water depths ranging from 100 to 1,000 meters about 24 km from the coast. Panoro Energy holds a 6.502% participating interest in OML113 (with a 12.1913% revenue interest and 16.255% paying interest in the Aje Field). The Aje Field contains hydrocarbon resources in sandstone reservoirs in three main levels - a Turonian gas condensate reservoir, a Cenomanian oil reservoir and an Albian gas condensate reservoir.