Offshore staff
OSLO, Norway — PetroNor E&P has agreed to acquire the 32% interest held by New Age (African Global Energy) in the OML 113 lease offshore Nigeria, containing the Aje Field.
The transaction could reach $26 million depending on future gas production from Aje.
PetroNor entered the lease last year after acquiring Panoro Energy’s Nigeria interests and has since been working with the operator, Yinka Folawiyo Petroleum (YFP), to establish a jointly owned company, Aje Production. This will hold a project economic and JOA voting interest of 39%.
Aje Field is thought to hold recoverable resources of 480 Bcf of gas, and 54 MMbbl of oil, condensate and LPG.
“Acquiring New Age’s interests represents a big step in achieving the partner alignment necessary to move forward with plans for the re-development of the Aje Field," said Jens Pace, PetroNor’s interim CEO. “We are excited about the potential value of this gas resource, which is located close to major population centers and offers a cleaner source of energy for power generation and industrial use compared to current alternatives.”
Completion remains subject to regulatory approvals in Nigeria.
10.03.2023
