PetroNor Acquires Aje interests from New Age (Africa Global Energy), Ltd.

Source: www.gulfoilandgas.com 10/3/2023, Location: Africa

ADM Energy PLC, a natural resources investing company, notes the announcement that PetroNor E&P Limited ("PetroNor") has acquired the 32% cost sharing interest and 24% profit share interest of New Age (Africa Global Energy), Ltd. ("New Age") in OML 113.

PetroNor agreed to acquire New Age's interest in OML 113 for an upfront consideration of USD six million, with a contingent consideration of up to USD 20 million based on future gas production volumes. This acquisition represents PetroNor's second acquisition into the field, noting the completion of PetroNor's acquisition of 100% of the shares of Panoro Energy ASA's fully owned subsidiaries, Pan-Petroleum Services Holding BV ("PPSH") and Pan-Petroleum Nigeria Holding ("PPNH"), which held 100% of the shares in Pan-Petroleum Aje Limited ("Pan Aje") as announced on 13 July 2022.

In an announcement from PetroNor on 2 October 2023, interim CEO Jen Pace, stated: "This acquisition is consistent with PetroNor's commitment to expanding its portfolio while demonstrating shareholder value. Acquiring New Age's interests represents a big step in achieving the partner alignment necessary to move forward with plans for the re-development of the Aje field. We are excited about the potential value of this gas resource which is located close to major population centres and offers a cleaner source of energy for power generation and industrial use compared to current alternatives."

Stefan Olivier, CEO of ADM Energy, said: "We welcome PetroNor's acquisition of New Age's interest in OML 113 which, in our view, Aje is a highly attractive, geologically de-risked asset which has produced more than 5 million barrels of oil.

"With the acquisition by PetroNor of Panoro's interest in 2022, PetroNor's partnership with YFP Deepwater and now consolidation of the New Age interest - PetroNor is now in position to provide the strong and capable leadership that Aje requires. We look forward to working with PetroNor toward re-initiation of development activity and realising the intrinsic value of ADM's holding in OML 113."

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.


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