“We are pleased to confirm that this long awaited transaction with Panoro has now been completed,” stated Jens Pace, interim CEO at PetroNor, adding, “The acquisition of the ownership interest in the Aje field is strategically attractive and supports our stated growth strategy of acquiring assets that add production, material reserves and resources to the company.”
The deal allows PetroNor to establish the Aje Production AD joint venture with Nigerian petroleum company, Yinka Folawiyo Petroleum (YPF), with aims to revitalize and further develop OML 113 and the Aje field, through which PetroNor will act as a technical operator, with 52% shares, while YPF will serve as license operator, with a 48% stake.
The joint venture will have a 15.5% participating interest in the OML 113 license, with an economic interest of 38.755%.
“With the establishment of Aje Petroleum YPF and PetroNor will form a dynamic and effective license partnership to lead the redevelopment of the Aje field,” Pace concluded.
OML 113 is situated nearby Nigeria’s capital, Lagos, as well as the West African Gas Pipeline, with PetroNor having set out plans to expedite gas development at the license’s Aje-4 and Aje-5ST2 production wells, as well as through its significant gas-condensate column.
