PetroNor, Panoro agree further extension of long-stop date for purchase of Aje in Nigeria
PetroNor, the independent oil and gas exploration and production company with a focus on sub-Saharan Africa, announced that the company and Panoro Energy have agreed on a further extension of the completion long-stop date for the previously announced purchase of Panoro’s fully-owned subsidiaries that hold 100 per cent of the shares in Pan Petroleum Aje Limited (the “transaction").
The long-stop date was extended to the 30 November 2021. However, the process of obtaining statutory government approvals continues to take longer than expected.
As such the company and Panoro have agreed a further one-month extension to the long-stop date. The amended long-stop date to complete the transaction is now 31 December 2021. All other terms and conditions of the transaction remain unchanged.