PetroNor E&P has agreed to acquire Panoro Energy’s stake in the Aje oil and gas field off Nigeria in a deal to further expand its acreage in Africa following its recently completed merger with African Petroleum.

The Oslo-listed company will pick up Panoro’s 12.2% interest in the OML 113 licence that hosts the producing field for an upfront consideration of $10 million to be paid in PetroNor shares, though it can be paid partly in cash if the latter’s share price falls below $0.13.