Petroleum Africa
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Tuesday, August 27, 2019
London-based African Petroleum advises that Oslo Børs has confirmed that the Company will retain its listing on Oslo Axess following completion of the merger transaction with Norway’s PetroNor E&P. The company is required to implement measures to comply with the requirements related to the spread of share ownership and composition of the Board of Directors within as short of time as possible after the decision on continued listing.
Accordingly, subject to fulfilment of the conditions for completion as further set out in the extended stock exchange announcement, completion is now targeted to occur during this week.
On March 19, 2019 African Petroleum Corporation, announced the combination with PetroNor E&P and transformation into a material full cycle oil and gas company.
Commenting on the update, Eyas Alhomouz, Chairman Designate of the combined company, said: “We are delighted to have received this approval, representing the final material condition to complete the merger of the two companies. The Board and management team of the enlarged Company are excited to formalise the merger and look forward to setting in motion the strategies designed to deliver material and sustainable value for the Company’s shareholders.”
Jens Pace, CEO of African Petroleum, commented: “This is an exciting development. We look forward to closing the final chapter as African Petroleum and starting our new story as PetroNor E&P – a company underpinned by reserves and steady production, an experienced team and a well-defined strategic vision to achieve long-term growth.”
This announcement is subject to disclosure pursuant to section 5-12 of the Norwegian Securities Trading Act.
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