ADM Energy PLC, a natural resources investing company, notes that Panoro Energy ASA ("Panoro") an independent exploration and production company, and PetroNor E&P Limited ("PetroNor"), an independent oil and gas exploration and production company with a focus on production, development and exploration assets across sub-Saharan Africa, have agreed to further extend the long-stop date for Panoro to sell 100% of its interest in OML 113 to PetroNor (the "Transaction").
In an announcement from PetroNor on 30 November 2021, PetroNor stated: "The long-stop date was extended to the 30 November 2021 per the announcement on 30 October 2021. However, the process of obtaining statutory government approvals continues to take longer than expected. As such the company and Panoro have agreed a further one-month extension to the long-stop date. The amended long-stop date to complete the transaction is now 31 December 2021. All other terms and conditions of the transaction remain unchanged."
ADM Energy holds a 9.2% profit interest in the Aje field in OML 113, which covers an area of 835km2 offshore Nigeria. Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date. It currently has two producing wells, Aje-4 in the Cenomanian and Aje-5 in the Turonian.
