Panoro Energy Announces Declaration of Dividend In Specie

Source: www.gulfoilandgas.com 8/1/2022, Location: Africa

Panoro Energy ASA is pleased to announce the declaration of its first dividend (the "Dividend") following recent completion of the transaction to divest its working interest in Offshore Mining Lease no. 113, offshore Nigeria to Petronor E&P ASA ("PetroNor").

Following receipt of 96,577,537 shares in PetroNor as consideration, the Board of Directors has resolved to use its authorisation to approve a dividend in the form of distributing the PetroNor shares. Each Panoro shareholder as at the record date will receive 0.849 PetroNor shares for each share held in the Company. Fraction shares will not be distributed and shareholders as at the record date will receive a number of PetroNor shares rounded downwards to the nearest whole share. Further details regarding the Dividend, including but not limited to the record date, ex-dividend date and other key information are set in a separate stock exchange announcement. Shareholders entitled to receive the dividend will receive PetroNor shares with their VPS accounts without any further actions from the shareholder being required.


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