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Monday, June 3, 2019
African Petroleum expects the deal to combine with PetroNor E&P to close by the end of June. The deal is waiting on the fulfilment of conditions set out for the completion of its acquisition and the payment of an all share consideration of around 816 million shares in African Petroleum.
The deal to combine with PetroNor E&P was announced by African Petroleum in March. PetroNor is a privately owned, Africa focused E&P independent, that holds a 10.5% indirect interest in the PNGF Sud fields and the right to negotiate entry into a 14.7% indirect interest in an exploration license covering the PNGF Bis fields in Republic of Congo.
Subject to shareholder approval, and certain other customary conditions, African Petroleum will at completion of the Transaction change its name to PetroNor E&P.
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