BW Offshore: Agreement for acquisition of stake in Dussafu field from Panoro Energy
February 22 2017 - 1:00AM
With reference to stock exchange
release dated 22 December 2016.
Pursuant to the memorandum of
understanding entered into with Pan-Petroleum Gabon B.V. ("PPGBV"),
a fully owned subsidiary of Panoro Energy ASA, BW Energy Gabon Pte.
Ltd ("BWEG"), a subsidiary of BW Offshore, has entered into a
definitive Sale and Purchase Agreement (the "SPA") with PPGBV to
acquire a further 25% working interest in the Dussafu production
sharing contract in Gabon.
Upon completion of the SPA, BWEG
will pay PPGBV a total cash consideration of USD 12 million and
provide a sellers' credit of up to USD 12.5 million in order to
fund capital expenditures of PPGBV's retained interest in the
Dussafu block through to first oil production. The total gross
capital expenditure to reach first oil in 2018 is estimated to be
USD 150 million.
Closing of the transaction with
PPGBV is subject to fulfilment or waiver of conditions precedents,
including among others, closing of the transaction with Harvest
Energia B.V. and approval from the government of Gabon. It is
estimated that closing will take place in Q1 2017.
BWEG will, pursuant to closing of
the transactions with PPGBV and Harvest Energia B.V., hold a
91.667% working interest in the Dussafu production sharing
contract, subject to discussions with the Gabon Oil Company (GOC)
for their potential participation. Panoro Energy will hold the
remaining 8.33% working interest in the Dussafu license.
BWEG is owned by BW Energy
Holdings Pte. Ltd. (BWEH), a joint venture company between BW
Offshore (66.67%) and Maple Company Limited (33.33%), a wholly
owned subsidiary of BW Group Limited, for the purpose of pursuing
oil and gas interests.
For further information, please
contact:
Carl K. Arnet, CEO, +65 6570 3823
Knut R. Sæthre, CFO, +47 911 17 876
About BW
Offshore:
BW Offshore is a leading global
provider of floating production services to the oil and gas
industry. BW Offshore has a fleet of 14 owned FPSOs and one FSO
represented in all major oil & gas regions world-wide. BW
Offshore has a long track record on project execution and
operations. In more than 30 years of production, BW Offshore has
executed 38 FPSO and FSO projects. The company is listed on the
Oslo Stock Exchange.
About Panoro
Energy
Panoro Energy ASA is an
independent E&P company based in London and listed on the Oslo
Stock Exchange with ticker PEN. The Company holds high quality
production, exploration and development assets in West Africa,
namely the Dussafu License offshore southern Gabon and OML 113
offshore western Nigeria. In addition to discovered hydrocarbon
resources and reserves, both assets also hold significant
exploration potential. For more information, please visit the
Company's website at www.panoroenergy.com.
This information is subject to the disclosure
requirements pursuant to section 5 -12 of the Norwegian Securities
Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: BW Offshore via Globenewswire
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