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Panoro Energy Completes Dussafu Transaction

Source: www.gulfoilandgas.com 4/28/2017, Location: Africa

Panoro Energy ASA (Panoro) is pleased to announce the closing of the sale of a 25% working interest in the Dussafu Production Sharing Contract (Dussafu PSC) offshore Gabon to BW Energy Gabon (BWEG), a subsidiary of BW Offshore Limited (OSE ticker: BWO), for a total cash consideration of US$12 million.

John Hamilton, CEO of Panoro, said, “We are excited about our new partnership with BW Offshore to develop the Dussafu oilfield. The closing of this transaction helps strengthen our balance sheet, while retaining a fully financed interest in Dussafu”.

Panoro’s subsidiary, Pan-Petroleum Gabon B.V. (PPG), has received US$11 million in cash plus certain transaction date adjustments. As per the terms of the sale purchase agreement with BWEG, the remaining US$1 million will be paid in cash to PPG no later than 30 December 2017.

Post-completion, PPG now holds an 8.333% working interest in the Dussafu PSC. PPG has also entered into a non-recourse loan facility whereby BWEG will provide up to US$12.5 million to PPG in order to fund PPG’s share of all expenditures through the development phase to first oil production at Dussafu.

For more information about related Opportunities and Key Players visit West Africa Projects

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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