Panoro completes farm-out of Brazil blocks to Vanco

Offshore staff

OSLO, Norway – Panoro Energy ASA has completed farm-out of offshore Brazilian blocks BM-S-63, BM-S-71, and BM-S-72 in the offshore Santos basin to Vanco Brasil Exploração e Produção de Petróleo e Gas Natural Ltda.

The companies have agreed to the farm-out of 35% of Panoro’s 50% interest in the shallow-water exploration licenses for $14.5 million. Plus, Vanco will finance Panoro’s remaining 15% share of drilling one exploration well on each of the three licenses.

Drilling is expected to start in the first half of 2012 on the Sabiá, Canario, and Jandaia prospects.

12/29/2011