Panoro Energy and PetroNor have agreed to extend the completion long stop date for the previously announced sale of its fully-owned subsidiaries that hold 100% of the shares in Pan Petroleum Aje Limited.

The amended long stop date to complete the Transaction is now 31 December 2021 to make allowance for the process of obtaining statutory government approvals taking longer than expected. 

The Aje field started production in April 2016 from two wells in the Cenomanian reservoir, Aje-4 and Aje-5, with oil processed and exported from a leased FPSO, the Front Puffin. The field has continued to produce from these wells to date, with Aje-4 currently producing from the Cenomanian reservoir and Aje-5 producing from a re-completion in the oil rim of the Turonian reservoir. On a net basis the Aje field produced around 350 bopd during 2018.

A Field Development Plan for Aje gas was submitted to the Nigerian government for consideration in 2017. The gas FDP comprises four or five production wells in the Turonain tied back to existing and new infrastructure.

KeyFacts Energy: PetroNor Nigeria country profile