PetroNor, the independent oil and gas exploration and production company with a focus on Africa, announced that the Company and Panoro have agreed on a further extension of the completion long-stop date for the purchase of Panoro’s fully-owned subsidiaries that hold 100% of the shares in Pan Petroleum Aje (“Pan Aje”) (the “Transaction”), in Nigeria.
The long-stop date was extended to the 31 October 2021 per the announcement on 30 September 2021. However, the process of obtaining statutory government approvals hastaken 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 30 November 2021. All other terms and conditions of the Transaction remain unchanged.