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African Petroleum Completes PetroNor Deal

Thursday, September 5, 2019

The deal between African Petroleum and PetroNor E&P announced in March is now complete. African Petroleum announced that it has acquired 100% of the shares in PetroNor, against consideration in the form of 816,198,842 new shares in the African Petroleum have been irrevocably instructed to be issued to NOR Energy and Petromal.

The company’s new issued and outstanding share capital will, upon issuance of the Consideration Shares, be 971,665,288, consisting of 971,665,288 shares of no par value. The Consideration Shares to be received by Petromal are subject to a six months lock-up. Nor Energy also undertook a six months lock-up to the benefit of the company, but has later been released from its undertaking, due to a separate agreement with African Petroleum whereby NOR Energy has agreed to provide a liquidity facility to the company.

African Petroleum is in the process of changing its registered name to PetroNor E&P