PetroNor has announced that it has received, from the Government of The Gambia, a one-year extension to the Longstop date of the Licence until 18 October 2022, which will enable the Company to progress its ongoing discussions with potential partners.
As set out in the announcement on 19 September 2020, in which the Company announced a settlement agreement with The Gambia resulting in the reinstatement of the A4 license to PetroNor, the Company was granted a period of one year, ending 18 September 2021.
Commenting on the extension, Eyas Alhomouz, Chairman of PetroNor, said:
“We are delighted to have negotiated this extension which strengthens our long-standing
partnership with the Government of The Gambia. After the successful reinstatement of the license, PetroNor has progressed discussions with a number of interested parties.”
“This extension will hopefully enable the Company to convert those discussions into a formal partnership agreement with a view to proving up the exciting prospectivity of A4. The market conditions and industry appetite for this kind of high-impact asset have vastly improved over the past few months which has solidified our confidence in realizing value from this asset going forward.”
Independent petroleum consultant ERC Equipoise estimates the net unrisked mean prospective oil resources of A4 at approximately 2 billion barrels of oil.