Oslo, 31 March 2021 - Panoro Energy ASA ("Panoro") is pleased to announce the
completion of the acquisition by Panoro Energy Holding B.V. of all of the issued
share capital of Tullow Equatorial Guinea Limited ("TEGL") from a subsidiary of
Tullow Oil plc. TEGL holds a 14.25% non-operated working interest in Block G
which contains the Ceiba and Okume Complex assets, offshore Equatorial Guinea.
Net production to Panoro from these assets is expected to be approximately 5000
bopd in 2021.
John Hamilton CEO of Panoro said: "The acquisition of the Block G assets from
Tullow marks the first of two closing steps in our previously announced
transactions. Together, these transactions are transformational for Panoro,
increasing our production and reserves position by a factor of 3-4 times. We are
very pleased to be joining the Block G JV partnership. We would like to thank
the Ministry of Mines, Industry and Energy in Equatorial Guinea for their
excellent cooperation to date and we look forward to creating value together for
the country, the JV partners, and wider stakeholders."
The completion consideration is US$88.8 million following customary adjustments.
The acquisition has been funded by a drawdown of US$55 million under the US$90
million debt facility arranged by Trafigura and with the Mauritius Commercial
Bank as mandated lead arranger and facility agent, and the balance from equity
funds.
In parallel, Panoro is continuing to further progress the completion conditions
related to its purchase of Tullow's 10% working interest in Dussafu Marin
permit, offshore Gabon, and will update shareholders in due course.
Enquiries
John Hamilton, Chief Executive Officer
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely a producing interest in Block G, offshore Equatorial Guinea, the Dussafu
License offshore southern Gabon, OML 113 offshore western Nigeria (held-for
-sale, subject to completion), and the TPS operated assets, Sfax Offshore
Exploration Permit and Ras El Besh Concession, offshore Tunisia. Subject to
completion of certain conditions, Panoro has also farmed-into an exploration
Block 2B, offshore South Africa.
Visit us at www.panoroenergy.com
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