PetroNor has announced the purchase of SPE Guinea Bissau AB. This entitles PetroNor to assume the Operatorship (and interest of 78.57%) of the Sinapa (Block 2) and
\nEsperanca (Blocks 4A and 5A) licences in Guinea Bissau subject to Government approval. The licences have been extended for 3 years and are valid until 2 October 2023 maintaining the same attractive fiscal terms.<\/p>\n
Transaction Highlights:
\n\u2022 Aligned with PetroNor\u2019s strategy to grow position in this highly prospective trend that continues to be a hotspot for exploration activity;
\n\u2022 PetroNor to assume Operatorship of two licences with meaningful equity interest (78.57%);
\n\u2022 The Atum and Anchova prospects are analogous to the world class Sangomar field in Senegal;
\n\u2022 The prospects are \u2018drill ready\u2019, benefitting from significant technical work delivered to date by Svenska Petroleum Exploration (SPE) and partner FAR Ltd.;
\n\u2022 Commercially attractive prospects, Atum and Anchova, contain net combined P50 recoverable prospective resources of 568 mmbo (PDC 2019 CPR for SPE);
\n\u2022 Commencing review of rig market with a view to drilling activity in 2021\/22 providing
\ntransformational catalysts for PetroNor.<\/p>\n
Commenting on the transaction, CEO Knut S\u00f8vold said:
\n\u201cThis is a key strategic addition to PetroNor’s portfolio building in this highly attractive exploration trend. Along with the reinstated A4 licence in The Gambia and our acreage in Senegal, the equity available to potential farminess is a highly attractive material opportunity. PetroNor is continuing its work to bring in partners to fund a drilling campaign across all assets in the next few years.”<\/p>\n","protected":false},"excerpt":{"rendered":"