John Hamilton, Panoro’s CEO, said: “The closing of this transaction helps strengthen our balance sheet, while retaining a fully financed interest in Dussafu.”
Panoro’s subsidiary, Pan-Petroleum Gabon now has an 8.333% interest in the PSC, and has also entered into a loan facility under which whereby BWEG will provide up to $12.5 million to fund PPG’s share of all expenditures through the development phase to first oil production.
