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Friday, June 14, 2013
Panoro Energy’s subsidiary Pan Petroleum Aje Ltd. has agreed in principle the terms of sale with an undisclosed buyer for its 6.502 % participating interest in OML 113 offshore Nigeria. OML 113 is home to the producing Aje field.
The stake is worth an estimated $30 million and upon closing the deal will be paid in cash to Pan Petroleum.
The transaction with an effective date of January 1, 2013 comprises a divestment of the company’s total interest in the OML 113 stake. Under the JOA for OML 113 the existing partners have a 30-day pre-emption period which started May 17, 2013 after which a Sale and Purchase Agreement (SPA) with the buyer is expected to be executed if the existing partners do not exercise their pre-emptive rights.
Panoro Energy’s CEO Jan Kielland commented: “We are pleased to announce that we have reached commercial terms for the sale of this asset and are close to executing the transation. This divestment will significantly strengthen Panoro Energy’s financial position and shows that we have been successful in executing on our divestment strategy.”
The closing of the transaction will depend on certain customary conditions. Further information regarding the transaction will be provided upon execution of the SPA after the pre-emption period.
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