Panoro Energy announces termination of the divestment of the Aje field in Nigeria

Further to Panoro’s announcement on November 7, Lekoil has informed Panoro that it has elected to terminate the Sale and Purchase Agreement to acquire Panoro’s 6.502% participating interest in the OML113 license offshore Nigeria for USD 30 million. In addition to the USD 4 million deposit already received, Panoro will receive a further USD3 million by either calling the USD 3 million bid bond or by receiving the equivalent in cash from Lekoil.  As a result, Panoro will eventually have received a total of USD 7 million from Lekoil.

OML113 license has over the past 6 months become an increasingly attractive asset.  Significant progress has been made by the new partnership towards initiating a fast track development of the Aje Cenomanian oilfield.  Discoveries in a neighbouring Nigerian license have created the potential for nearby developments, and a new syn-rift exploration play has been proved which may yield additional exploration potential within the OML 113 license.  Options for the Turonian gas condensate field are also being considered by the partnership, in order to unlock longer term value for the license. 

Panoro is pleased with the latest developments in the OML113 license and looks forward to continue working with the license partners.

For further information, please contact:

Carl Peter Berg, VP Commercial and Investor Relations Cell: +55 21 98541 1907
Email: carl.peter.berg@panoroenergy.com

Nishant Dighe, Chief Operating Officer Cell: +44 7747807439
Email: nishant.dighe@panoroenergy.com

Please visit www.panoroenergy.com for more information. Panoro Energy ASA is listed on the Oslo Stock Exchange (Ticker code: “PEN”).