Panoro Energy ASA, the independent oil and gas company with assets in West Africa and Brazil, has on behalf of the partnership signed a rig contract with a subsidiary of Transocean for the GSF Arctic I semi-submersible drilling rig to drill three wells on blocks BM-S-63 (formerly SM-1036), BM-S-71 (formerly SM-1035) and BM-S-72 (formerly SM-1100), in the Santos Basin offshore Brazil.
The GSF Arctic I semi-submersible rig is currently operating in Brazil and is expected to be available to commence drilling of the Sabia, Canario and Jandaia prospects in Q1-2012. Panoro Energy is fully carried on these three exploration wells.
In January 2011, Panoro Energy announced an agreement to farm out 35% of Panoro's 50% working interest in blocks BM-S-63, BM-S-71 and BM-S-72 in the Santos Basin offshore Brazil to Vanco Brasil Exploraçao e Produçao de Petroleo e Gas Natural Ltda, a wholly owned Subsidiary of Vanco Overseas Energy Ltd (“Vanco”). Vanco will assume operatorship upon receiving approval of the transaction by the Brazilian National Petroleum Agency (“ANP”) and will hold 70% working interest in the three blocks. Upon ANP approval, Panoro Energy will hold a 15% working interest in the blocks.
