Panorama Petroleum Inc.
TSX VENTURE : PPA

November 19, 2014 09:30 ET

Panorama Petroleum Inc.: Block 26 Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 19, 2014) - Panorama Petroleum Inc. (TSX VENTURE:PPA) (the "Company") reports that it has received an independent NI 51-101 compliant report prepared for State Petroleum Overseas Inc. ("State") on Block 26, Republic of Sudan. As previously reported, the Company entered into a Memorandum of Understanding (MOU) with State to acquire all of State's issued shares subject to certain conditions precedent and TSX.V approvals.

State is a signatory with the Government of Sudan to an Exploration & Production Sharing Agreement wherein State obtained a fifty percent interest in Block 26, Rawat Basin, Sudan. Block 26 covers an area of 26,000 km² with substantial previous exploration work done including;

  • 6,071 line km of 2D seismic and 430 sq. km of 3D seismic.
  • Extensive Geological and Geophysical studies etc.
  • Two (2) discovery wells C1 & C2 drilled to a depth of 1,800 m. (+/-) and Drill Stem Tested (DST). The crude oil quality is light 30º (+/-) API.

The Company is continuing its evaluation of Block 26 to complete the transaction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility or the adequacy or accuracy of this release. Certain information provided in this news release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.

Contact Information

  • Dr. Waseem Rahman
    President
    Tel: (604) 684-2401
    Fax: (604) 684-2407