Friday, November 20, 2020
PetroNor announced that it has expanded its presence in Africa with the purchase of SPE Guinea Bissau AB. This transaction gives PetroNor the operatorship and interest of 78.57% in the Sinapa (Block 2) and Esperanca (Blocks 4A and 5A) licenses in Guinea Bissau. The licenses have been extended for 3 years and are valid until 2 October 2023 maintaining the same attractive fiscal terms.
The transaction is subject to Government approval.
Transaction Highlights:
to be a hotspot for exploration activity;
Svenska Petroleum Exploration (SPE) and partner FAR Ltd.;
prospective resources of 568 mmbo (PDC 2019 CPR for SPE);
transformational catalysts for PetroNor.
Commenting on the transaction, CEO Knut Søvold said: “This is a key strategic addition to PetroNor’s portfolio building in this highly attractive exploration trend. Along with the reinstated A4 licence in The Gambia and our acreage in Senegal, the equity available to potential farminess is a highly attractive material opportunity. PetroNor is continuing its work to bring in partners to fund a drilling campaign across all assets in the next few years.”