Panoro Extends Long Stop Date for Sale of Aje

Panoro Extends Long Stop Date for Sale of Aje

Panoro Energy ASA announced that PetroNor E&P Limited (“PetroNor”) and Panoro have reached an agreement to extend the completion long stop date for the previously announced sale of its fully-owned subsidiaries that hold 100% of the shares in Pan Petroleum Aje Limited (“Pan Aje”) (“the Transaction”).

The original long stop date was December 31, 2020, being the date by which authorisation of the Nigerian Department of Petroleum Resources and the consent of the Nigerian Minister of Petroleum Resources were required to have been received. The amended long stop date to complete the Transaction is now June 30,2021.

The regulatory approval process in Nigeria is well underway but has been delayed by the COVID 19 pandemic. The process is in an advanced stage and is expected to resume following the holiday period and to complete afterward.

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Press release by: Panoro Energy ASA