Panoro Energy introduced the completion of the acquisition by Panoro Energy Holding B.V. of the entire issued share capital of Tullow Equatorial Guinea Limited (TEGL) from a subsidiary of Tullow Oil plc. TEGL holds a 14.25% non-operated working curiosity in Block G which incorporates the Ceiba and Okume Complex belongings, offshore Equatorial Guinea. Net manufacturing to Panoro from these belongings is predicted to be roughly 5000 bopd in 2021.
John Hamilton CEO of Panoro stated: “The acquisition of the Block G belongings from Tullow marks the primary of two closing steps in our beforehand introduced transactions. Together, these transactions are transformational for Panoro, rising our manufacturing and reserves place by an element of Three-Four instances. We are very happy to be becoming a member of the Block G JV partnership. We want to thank the Ministry of Mines, Industry and Energy in Equatorial Guinea for his or her glorious cooperation thus far and we look ahead to creating worth collectively for the nation, the JV companions, and wider stakeholders.”
The completion consideration is US$88.eight million following customary changes. The acquisition has been funded by a drawdown of US$55 million underneath the US$90 million debt facility organized by Trafigura and with the Mauritius Commercial Bank as mandated lead arranger and facility agent, and the steadiness from fairness funds.
In parallel, Panoro is constant to additional progress the completion circumstances associated to its buy of Tullow’s 10% working curiosity in Dussafu Marin allow, offshore Gabon, and can replace shareholders in the end.
Panoro Energy ASA is an unbiased exploration and manufacturing firm based mostly in London and listed on the principle board of the Oslo Stock Exchange with the ticker PEN. Panoro holds manufacturing, exploration and improvement belongings in Africa, specifically a producing curiosity in Block G, offshore Equatorial Guinea, the Dussafu License offshore southern Gabon, OML 113 offshore western Nigeria (held-for-sale, topic to completion), and the TPS operated belongings, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia. Subject to completion of sure circumstances, Panoro has additionally farmed-into an exploration Block 2B, offshore South Africa.
(Source: Panoro Energy – Image: Tullow Oil)
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