- Home
- Equities - Stocks - Shares
- Company Press Releases
- Panoro Energy - Completion of Acquisition of Minority Share In Panoro's Tunisian Business
Panoro Energy - Completion of Acquisition of Minority Share in Panoro's Tunisian Business
24 Apr 2023 11:25 CEST
Issuer
Panoro Energy ASA
Oslo, 24 April 2023 - Panoro Energy ASA ("Panoro" or the "Company") is pleased
to report that following the press release of 18 April 2023, whereby Panoro
announced it had entered into a definitive agreement with Beender Tunisia
Petroleum Limited ("Beender") to purchase its 40 percent shareholding in Sfax
Petroleum Corporation AS ("SPC") for a total consideration of approximately USD
18.2 million in a mix of cash and shares (the "Acquisition"), all conditions
have been satisfied and the Acquisition has completed.
Further to the closing of the Acquisition, Panoro now owns 100 percent of SPC
(49 percent interest in the TPS assets and 87.5 percent interest in Sfax
Offshore Exploration Permit) which has consequently become a fully owned
subsidiary of Panoro.
The upfront cash consideration of USD 4.9 million cash has been paid and in
accordance with the previously announced terms of the Acquisition a share based
payment of USD 8.3 million will shortly be made by Panoro via the allotment and
issue of 2,945,035 new Panoro shares at an issue price of NOK 29.18 per share
(issue value NOK 85,936,092.12). A deferred cash consideration of USD 5 million
shall be paid by end 2023.
Enquiries
Qazi Qadeer, Chief Financial Officer
Tel: +44 203 405 1060
Email: investors@panoroenergy.com
About Panoro Energy
Panoro Energy ASA is an independent exploration and production company based in
London and listed on the main board of the Oslo Stock Exchange with the ticker
PEN. Panoro holds production, exploration and development assets in Africa,
namely interests in Block-G, Block S and Block EG-01, offshore Equatorial
Guinea, the Dussafu License offshore southern Gabon, the TPS operated assets,
Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia,
and interests in an exploration Block 2B, and Technical Co-operation Permit 218
in South Africa.
Visit us at www.panoroenergy.com.
Follow us on LinkedIn (https://www.linkedin.com/company/panoro-energy)
More information:
Access the news on Oslo Bors NewsWeb site
588317_Panoro_Energy_Completion_of_Acquisition_of_Minority_Share_in_Panoro_s_Tunisian_Business.pdf
Source
Panoro Energy ASA
Provider
Oslo Børs Newspoint
Company Name
PANORO ENERGY
ISIN
NO0010564701
Symbol
PEN
Market
Oslo Børs