Aje Oil Field Development Begins After PetroNor Conclude Shareholder Deal

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Yemisi Izuora

PetroNor has announced completion of its purchase of Pan-Petroleum Nigeria Holding and Pan-Petroleum Services Holdings from Panoro Energy.

The two acquired companies hold 100 per cent of the shares in Pan-Petroleum Aje, which has a 6.502 per cent participating interest and a 16.255 per cent cost-bearing interest in Nigeria’s OML 113 offshore license, containing the Aje oil and gas field.

The transaction allows PetroNor to proceed with the establishment of Aje Production AS, a joint venture with the license operator Yinka Folawiyo Petroleum, which will lead redevelopment of the Aje Field.

Production from Aje started in May 2016 through the Front Puffin FPSO. Two wells were in service prior to the suspension of oil production last November, Aje-4 (oil) and Aje-5ST2 (oil/gas), when the contract for the vessel was terminated.

A gas-condensate column is also ready for further development, PetroNor said.

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