PetroNor E&P ASA confirmed the Guinea-Bissau farm-out transaction with Apus Energy DMCC, strengthening its holdings.

The company PetroNor E&P ASA confirmed the partnership with Apus Energy DMCC for the acquisition of offshore exploration licenses for Guinea-Bissau and a guaranteed license for PNGF Bis in Congo.

During the Christmas holiday period, Apus Energy began paying US$23 million towards previous license costs and long-term items purchased for drilling as part of the companies' June 2023 farm-out agreement.

PetroNor, the oil and gas company, has finalized the Guinea-Bissau farm-out transaction with Apus Energy DMCC for Guinea-Bissau offshore exploration licenses and secured license for PNGF Bis in Congo.

The partnership resulted in the beginning of payment of $23 million by Apus Energy for previous license costs and long-term items purchased for drilling during the holiday period as part of the agreement.

The Government of Guinea Bissau approves transfer of shares in licenses to Apus

Oil and gas company PetroNor has been in the spotlight recently, with the Government of Guinea Bissau approving the transfer of interests in the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses to Apus during October 2023. PetroNor continues to expand its operations and partnerships in the region, consolidating its position as one of the main companies in the sector.

It is anticipated that a pit exploration project to test the Atum-1 prospect will be drilled during the second quarter 2024, which represents a significant milestone for the company and its exploration activities. This moment is eagerly awaited within the oil industry.

In the event of a successful well, PetroNor will receive two contingent earn-out payments of US$30 million each, pending government approval of a development field and production sustained. These developments highlight PetroNor's commitment to sustainable development and responsible practices in the energy sector.

Congo PNGF Bis advances with approval from the Council of Ministers

Another relevant news involving PetroNor is the approval of the Council of Ministers of the Republic of Congo on December 27, 2023, which met and approved a series of projects energy, including concession da license PNGF Bis to a contractor group led by Perenco as operator and with PetroNor, represented through its Congolese subsidiary, Hemla E&P Congo, as partner with one participation liquid of 22,7%.

This approval will pave the way for signature a agreement de sharing of production in early 2024, according to PetroNor. The partnership between PetroNor and other companies in the sector reinforces the company's commitment to promoting collaboration and joint growth in its operations.

According to Jens Pace, interim CEO of PetroNor, 'We are pleased that the farm-out of the Guinea-Bissau licenses will lead to the drilling of an important exploration well for Guinea-Bissau and the region. The conclusion of this transaction, together with the Congolese Council of Ministers' approval of the PNGF Bis, is a welcome way to end what has been a year very successful for PetroNor.’

PetroNor: Positive balance and expectations for the future

O payment to Guinea-Bissau is a significant contribution to the company's year-end balance sheet, which is already strengthened for production and sales record oil prices. PetroNor continues to strengthen its position in the energy sector, seeking to progress the development of the new license in Congo during 2024 with its partners. These recent advancements demonstrate PetroNor's continued commitment to sustainable growth and the development of new energy projects in the region.

In summary, PetroNor continues to achieve significant milestones in its operations, strengthening its partnerships and participation in key projects in the oil and gas sector. With a strong focus on sustainable development and responsible practices, the company is positioned for a promising future in the energy market. The year 2024 presents itself as an opportunity for PetroNor to further consolidate its presence and impact in the energy sector.