UK junior African Petroleum has entered an all-shares merger with privately-owned PetroNor E&P, a Norway-headquartered vehicle with shallow-water assets in Congo-Brazzaville, writes Barry Morgan.
The new company will be named PetroNor E&P Ltd, with the deal expected to close in late April.
African Petroleum chief executive Jens Pace, who will keep the top job in the combined company, sees the merger as “the first step in a renewed strategic focus on building and increasing its reserve base, while using free cash flow to pursue exploration in selected and highly prospective basins”.
