PetroNor, an independent oil and gas exploration and production company focused on Sub-Saharan Africa, and Panoro Energy ASA have agreed to extend the previously announced completion long stop date for Panoro’s fully-owned subsidiaries that hold 100% of the shares in Pan Petroleum Aje Limited (Pan Aje).
According to the notice on December 31, 2020, the original deadline was extended until June 30, 2021. However, development has taken longer than projected because of the current COVID-19 pandemic and accompanying hurdles.
The Company and Panoro have agreed to a three-month extension to obtain the Nigerian Department of Petroleum Resources’ (DPR) approval and the Nigerian Minister of state for Petroleum Resources’ consent to complete the deal.
The adjusted longstop date for completing the transaction is now September 30, 2021, with all other terms and conditions remaining unchanged.
ABOUT PetroNor
PetroNor is an independent oil and gas exploration and production business having numerous licences in the Republic of Congo, Gambia, Guinea-Bissau, Senegal, and Nigeria (all of which are located offshore in West Africa).
ABOUT PANORO ENERGY
Panoro Energy ASA is a London-based independent exploration and production firm that trades on the Oslo Stock Exchange under the symbol PEN. With oil production from fields in Tunisia, Gabon, and Nigeria, the Company has high-quality exploration and production assets in Africa.
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