The contract for the Island Drilling’s semi-submersible Island Innovator rig has been terminated by Trident Energy due to safety concerns, putting the drilling campaign at the Block G, offshore Equatorial Guinea, on pause.
The decision to terminate the current rig contract with Island Drilling’s Island Innovator rig was made following the recommendation of the operator, Trident Energy (40.375% working interest), in accordance with the joint venture partners on the Block G, including Panoro (14.25%), Kosmos Energy (40.375%) and GEPetrol (5.0%).
According to Panoro, which provided the update, the joint venture is of the view that the rig is not operationally in a condition to safely drill the wells.
On behalf of its partners, Trident Energy is now evaluating alternative options that will allow for the restart and safe completion of the intended drilling campaign at the earliest opportunity, potentially during the second quarter of 2024, subject to rig availability and terms of alternative options.
This also affects the Kosmos-operated Akeng Deep exploration well in the Block S, that was supposed to be drilled using Island Innovator following the completion of three-well infill drilling campaign in Block G which started in January.
“The joint venture will not compromise on safety, which is of paramount importance, and has acted decisively and responsibly in taking this course of action.
“Based on our current estimates, the pause in drilling is not expected to affect Panoro’s shareholder distributions, financial and operational targets for the year.
“The postponement of the drilling campaign results in a more beneficial phasing of capital expenditures on a group-wide basis,” said John Hamilton, CEO of Panoro.