Petroleum Africa
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Tuesday, May 2, 2017
Panoro Energy saw the close of the sale of a 25% working interest in the Dussafu PSC offshore Gabon to BW Energy Gabon (BWEG), a subsidiary of BW Offshore. Panoro received a total cash consideration of $12 million for the stake.
Panoro’s subsidiary, Pan-Petroleum Gabon (PPG), received $11 million in cash plus certain transaction date adjustments. As per the terms of the sale purchase agreement with BWEG, the remaining $1 million will be paid in cash to PPG no later than December 30, 2017.
Post-completion, PPG now holds an 8.333% working interest in the Dussafu PSC. PPG has also entered into a non-recourse loan facility whereby BWEG will provide up to $12.5 million to PPG in order to fund PPG’s share of all expenditures through the development phase to first oil production at Dussafu.
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