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.<\/p>\n
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.<\/p>\n
Commenting on the extension, Eyas Alhomouz, Chairman of PetroNor, said:
\n“We are delighted to have negotiated this extension which strengthens our long-standing
\npartnership with the Government of The Gambia. After the successful reinstatement of the license, PetroNor has progressed discussions with a number of interested parties.”<\/p>\n
“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.”<\/p>\n
Independent petroleum consultant ERC Equipoise estimates the net unrisked mean prospective oil resources of A4 at approximately 2 billion barrels of oil.<\/p>\n","protected":false},"excerpt":{"rendered":"