Close
Completion of Gabon offshore acquisition
MRA ONLINE
/ Categories: Oil & Gas

Completion of Gabon offshore acquisition

Panoro takes another 10 percent interest

GABON: Panoro Energy ASA (Panoro) has acquired an additional 10 percent working interest in Dussafu Marin permit, offshore Gabon, by its subsidiary Pan-Petroleum Gabon BV (Panoro-Gabon) from a subsidiary of Tullow Oil plc.

Panoro-Gabon now holds a 17.4997 percent non-operated working interest in Dussafu Marin permit.

John Hamilton CEO of Panoro said: We are extremely pleased to have completed the acquisition of an additional 10 percent working interest in the Dussafu Marin permit, offshore Gabon. This increased participation is consistent with Panoro’s strategy to expand in Gabon, where we see significant opportunities to achieve our ambitious in-country growth objectives. We look forward to continue to work with our partners BWE, GOC, and the Republic of Gabon.

The completion consideration for this transaction is USD 39 million following customary adjustments. In addition, completion of this acquisition satisfies the condition, under the sale and purchase agreement relating to the acquisition of Tullow Equatorial Guinea Limited (now named Panoro Equatorial Guinea Limited) in March 2021, for the payment by Panoro of USD 5 million of Deferred Consideration. The payments have been funded by a drawdown of USD 35 million under the USD 90 million debt facility, arranged by Trafigura and with the Mauritius Commercial Bank as mandated lead arranger and facility agent, and the balance from equity funds.

Print
95

Must read

No content

A problem occurred while loading content.

Previous Next
Terms Of UsePrivacy StatementCopyright 2021 by More Maximum Media
Back To Top