Panoro Energy has secured a significant agreement with the Government of Equatorial Guinea concerning offshore Block EG-23. Signed on April 4, this agreement establishes key terms for the block's award and initiates exclusive negotiations to finalize a Production Sharing Contract (PSC), accompanied by the development of a work program and budget. This collaboration involves Panoro Energy, the national oil company GEPetrol, and the Ministry of Mines and Hydrocarbons.

Located north of Bioko Island in offshore Equatorial Guinea, Block EG-23 covers around 600km² in water depths ranging from 50 to 100 meters. The block has a promising track record, with 19 wells drilled and seven hydrocarbon discoveries made so far. Panoro Energy aims to secure a significant participating interest of up to 80% in the block upon the PSC's finalization.

As part of its initial work program, Panoro Energy intends to reprocess existing seismic data to advance prospects within Block EG-23, ultimately preparing them for drilling. Successful progress could lead to a subsequent stage involving further exploration activities to unlock the block's full potential.

Overall, Panoro Energy's latest agreement signifies a significant step forward in its strategic expansion efforts, both in Equatorial Guinea and beyond, as it continues to pursue opportunities in promising oil and gas regions.