Oslo-listed PetroNor E&P has struck a deal to acquire a minority stake in the Aje oil, condensate and gas field off Nigeria from Panoro Energy, which will exit the asset.
Following its recently completed merger with African Petroleum, PetroNor gained control of Panoro’s 12.2% interest in the OML 113 asset that hosts Aje for an upfront consideration of $10 million worth of PetroNor shares, but it can be paid partly in cash if the latter’s share price falls below $0.13.
