DNO has sold its subsidiary DNO Tunisia to Panoro Energy, and at the same time acquired a minority stake in Panoro.
Offshore staff
OSLO, Norway – Norwegian independent DNO has sold its subsidiary DNO Tunisia to Panoro Energy, and at the same time acquired a minority stake in Panoro.
All the Tunisia employees have transferred to the new operator as part of the transaction, with Panoro assuming all existing permit interests, rights and remaining work obligations for the Sfax Offshore exploration permit, the Ras El Besh concession, and the Hammamet Offshore exploration permit.
Through its shareholding, DNO will receive a deferred consideration of up to $13.2 million paid through any future production from the Sfax Offshore concession.
