Independent oil and gas exploration and production company, PetroNor, has announced the purchase of SPE Guinea Bissau AB, which entitles the company to an interest of 78.57% and the Operatorship of the Sinapa Block 2 and Esperanca Blocks 4A and 5A licenses in the country.
The deal is subject to the approval of the Government. The licenses have been extended with the same financial terms for three (3) years until 2nd October 2023.
Below are the highlights of the Transaction as listed by the company:
- Aligned with PetroNor’s strategy to grow position in this highly prospective trend that continues to be a hotspot for exploration activity.
- PetroNor to assume Operatorship of two licences with meaningful equity interest (78.57%).
- The Atum and Anchova prospects are analogous to the world class Sangomar field in Senegal.
- The prospects are ‘drill ready’, benefitting from significant technical work delivered to date by Svenska Petroleum Exploration (SPE) and partner FAR Ltd.
- Commercially attractive prospects, Atum and Anchova, contain net combined P50 recoverable prospective resources of 568 mmbo (PDC 2019 CPR for SPE);
- Commencing review of rig market with a view to drilling activity in 2021/22 providing transformational catalysts for PetroNor.
The Chief Executive Officer of PetroNor, Knut Søvold said, “This is a key strategic addition to PetroNor’s portfolio building in this highly attractive exploration trend. Along with the reinstated A4 licence in The Gambia and our acreage in Senegal, the equity available to potential farminess is a highly attractive material opportunity. PetroNor is continuing its work to bring in partners to fund a drilling campaign across all assets in the next few years.”
%20years%20until%202supnd/sup%20October%202023.Below%20are%20the%20highlights%20of%20the%20Transaction%20as%20listed%20by%20the%20company:ul%20liAligned%20with%20PetroNor’s%20strategy%20to%20grow%20position%20in%20this%20highly%20prospective%20trend%20that%20continues%20to%20be%20a%20hotspot%20for%20exploration%20activity./li%20liPetroNor%20to%20assume%20Operatorship%20of%20two%20licences%20with%20meaningful%20equity%20interest%20(78.57%)./li%20liThe%20Atum%20and%20Anchova%20prospects%20are%20analogous%20to%20the%20world%20class%20Sangomar%20field%20in%20Senegal./li%20liThe%20prospects%20are%20‘drill%20ready’,%20benefitting%20from%20significant%20technical%20work%20delivered%20to%20date%20by%20Svenska%20Petroleum%20Exploration%20(SPE)%20and%20partner%20FAR%20Ltd./li%20liCommercially%20attractive%20prospects,%20Atum%20and%20Anchova,%20contain%20net%20combined%20P50%20recoverable%20prospective%20resources%20of%20568%20mmbo%20(PDC%202019%20CPR%20for%20SPE);/li%20liCommencing%20review%20of%20rig%20market%20with%20a%20view%20to%20drilling%20activity%20in%202021/22%20providing%20transformational%20catalysts%20for%20PetroNor./li/ulThe%20Chief%20Executive%20Officer%20of%20PetroNor,%20Knut%20Søvold%20said,%20em“This%20is%20a%20key%20strategic%20addition%20to%20PetroNor’s%20portfolio%20building%20in%20this%20highly%20attractive%20exploration%20trend.%20Along%20with%20the%20reinstated%20A4%20licence%20in%20The%20Gambia%20and%20our%20acreage%20in%20Senegal,%20the%20equity%20available%20to%20potential%20farminess%20is%20a%20highly%20attractive%20material%20opportunity.%20PetroNor%20is%20continuing%20its%20work%20to%20bring%20in%20partners%20to%20fund%20a%20drilling%20campaign%20across%20all%20assets%20in%20the%20next%20few%20years.”/em){kind=link}