Panoro Energy – Acquisition of Minority Share in Panoro’s Tunisian Business
Oslo, 18 April 2023 – Panoro Energy ASA (“Panoro” or the “Company”) is pleased to announce that it has entered into a definitive agreement with Beender Tunisia Petroleum Limited (“Beender”) to acquire its 40 percent shareholding in Sfax Petroleum Corporation AS (“SPC”) for a total consideration of approximately USD 18.2 million in a mix of cash and shares (the “Acquisition”). SPC through its subsidiaries, indirectly owns a 49 percent interest in the producing TPS Assets which comprise five oil field concessions in the region of the city of Sfax, onshore and offshore shallow water Tunisia,