PetroNor E&P Provides Update on Aje Transactions

Source: www.gulfoilandgas.com 5/2/2022, Location: Africa

With reference to the stock exchange announcement made 27 January 2022 regarding the government consent provided to PetroNor E&P’s acquisition of Panoro Energy’s ownership interest in Oil Mining Lease no. 113 (“OML 113”) offshore Nigeria, containing the Aje oil and gas field, and for the transfer of OML 113 to Aje Production AS (“Aje Production”).

The final steps to complete the transactions are progressing well, but the parties need additional time to finalize the documentation. As a consequence, PetroNor and Panoro have agreed to extend the long-stop date to complete the transaction to 30 June 2022.

All other terms and conditions of the transaction remain unchanged.


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