Oslo-listed PetroNor E&P boosts prospects for Nigeria offshore gas project, ups stake in Aje permit

By bne IntelliNews October 4, 2023

Oslo-listed operator PetroNor E&P has announced it has increased its prospects of realising an offshore gas project in Nigeria by agreeing to acquire an additional interest in the shallow-water Aje field.

The Norwegian operator said in a press release on October 2 that it has entered a binding agreement to acquire New Age’s (African Global Energy) 32% interest in permit OML 113 for up to $26mn.

The acquisition increases PetroNor’s interest to 39% and boosts its influence in the licence partnership to plan for the re-development of the Aje field.

“Acquiring New Age’s interests represents a big step in achieving the partner alignment necessary to move forward with plans for the re-development of the Aje field,” commented Jens Pace, Interim CEO of PetroNor.

The Aje field is estimated to contain recoverable resources of 480 BCF of gas, 54 mmbbls oil, condensate and LPG. The acquisition of New Age’s Aje interests will increase PetroNor’s net 2C contingent resources in Aje from 27.1 mmboe to 70.1 mmboe1,2.

“We are excited about the potential value of this gas resource which is located close to major population centres and offers a cleaner source of energy for power generation and industrial use compared to current alternatives,” Pace said.

According to the agreement, PetroNor will pay New Age $6mn in cash plus a deferred future gas production payment up to a maximum of $20mn to acquire New Age’s entities, which hold a project economic and voting interest in the OML 113 Joint Operation Agreement (JOA) of 32%.

PetroNor’s existing position in OML 113 was achieved through the acquisition of Panoro Energy ASA’s Nigeria interests in a transaction completed in 2022. The Norwegian operator said it is working with the OML 113 operator, Yinka Folawiyo Petroleum (YFP), to create a jointly owned company, Aje Production AS, which will hold a project economic and JOA voting interest of 39%.

Following completion of these transactions, PetroNor and YFP related entities will have a project economic and JOA voting interest of 71%.

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