Panoro Completes Farm-Out of Brazil Blocks to Vanco

Source: www.gulfoilandgas.com 12/28/2011, Location: South America

Panoro Energy ASA (PEN), the independent oil and gas company with assets in West Africa and Brazil is pleased to announce the completion of the farm-out of blocks BM-S-63, BM-S-71 and BM-S-72 in the Santos Basin, offshore Brazil to Vanco Brasil Exploracao e Producao de Petroleo e Gas Natural Ltda, a wholly owned subsidiary of Vanco Overseas Energy Ltd (Vanco).

In January 2011, Panoro Energy announced that the Company had reached agreement to farm out 35% of Panoro's 50% interest in its three shallow water exploration licenses BM-S-63 and BM-S-71 and BM-S-72. With the completion of the transaction, Panoro Energy has now received USD 14.5 million for historical costs on the blocks. Furthermore, Vanco will finance Panoro's remaining 15% share of drilling costs for three exploration wells, one on each license. The drilling campaign on these licenses is expected to start during H1-2012 comprising the drilling of the Sabia, Canario and Jandaia prospects.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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