Having raised its output by 15% to 4,000 b/d for Q1, Panoro Energy is slowly clawing back lost production at its Tunisian ‘TPS’ assets. And although Covid-19 has interrupted a number of planned workovers, the UK-based minnow says it still expects further output increases through Q3 as restrictions are eased. Can it reach its long-running 5,000 b/d target by the end of the year (MEES, 10 April)? This would represent about 14% of Tunisia’s current 35,000 b/d crude output.
While Panoro is continuing workover operations at the Guebiba and El Ain fields, given “ongoing decline” new drilling will likely be needed to sustain output. And amid an overall near-30% cut to planned 2020 capex (from $31mn to $22mn) it has “deferred higher capex activities like Guebiba-10 sidetrack.” Panoro now says it is expecting drilling operations to commence in August, “but that clearly is subject to the improving situation globally.” (CONTINUED - 189 WORDS)