Panoro Energy Announces Completion of Sale of Aje and Distribution of PetroNor Shares to Shareholders
Oslo, 13 July 2022 – Panoro Energy ASA (“Panoro” or the “Company”) with OSE Ticker: “PEN”) today announces it has completed the sale of its fully owned subsidiaries Pan-Petroleum Services Holdings BV and Pan-Petroleum Nigeria Holding BV (together referred to as “Divested Subsidiaries”) to PetroNor E&P ASA (“PetroNor”) for an upfront consideration of USD 10 million plus a contingent consideration of up to USD 16.67 million based on future gas production volumes ("the Transaction"). The Divested Subsidiaries hold 100% of the shares in Pan-Petroleum Aje Limited (“Pan Aje”), which