Offshore staff
OSLO, Norway — PetroNor E&P AB has agreed to transfer its 100% interest in two exploration licenses offshore Guinea-Bissau to a special purpose vehicle owned by Petromal subsidiary Apus Energy DMCC, based in Dubai.
Under the agreement, PetroNor will receive a payment of up to $85 million covering past licence costs of at least $25 million on completion of the transaction, and two contingent payments of $30 million subject to government approval of a field development plan and the subsequent achievement of continuous production.
"The deal will lead to the drilling of an exploration well during the first half of 2024,” said PetroNor Interim CEO Jens Pace.
Both the offshore Sinapa (Block 2) and Esperança (Blocks 4A and 5) licenses will transfer to Apus Energia Guiné Bissau SA.
PetroNor E&P AB acquired 78% operated interests in the concessions from Svenska Petroleum Exploration in 2021, and the remaining 21.43% held by FAR earlier this year.
They span a total area of 4,963 sq km, with the main prospects, Atum and Anchova, thought to contain prospective resources of 467 MMbbl.
A representative of Petroguin, the national oil company of Guinea-Bissau, witnessed the signing of the agreement that should complete later this year pending final government approval of the transfer and extensions to the licenses.
06.29.2023
