Panoro Energy Announces Transformational Acquisition of Producing Assets in West Africa and Contemplated Equity Private Placement of US$ 70 million
Oslo, 9 February 2021 - Panoro Energy ASA (the “Company” or “Panoro”) is pleased to announce that it has entered into agreements with Tullow Oil plc and its subsidiaries (“Tullow”) to acquire high-quality oil producing assets offshore Equatorial Guinea and Gabon for an initial aggregate cash consideration of up to US$ 140 million and aggregate contingent consideration of up to US$ 40 million, based on an effective date of 1 July 2020 (collectively the “Acquisitions”). Highlights · Acquisitions of 14.25% working interest (“WI”) in Block G, offshore Equatorial Guinea, and an