Image: Financial Times
Panoro Energy’s Norwegian subsidiary Panoro Tunisia Production has reached an agreement with OMV Exploration and Production GmbH to acquire 100 percent of the shares of OMV Tunisia Upstream GmbH for a cash consideration of $65 million.
The target holds a 49 percent interest in five oil producing concessions in Tunisia with net 2P reserves of 8.1 million barrels, and net production of approximately 2,000 barrels per day from 14 wells.
The target also owns 50 percent of Thyna Petroleum Services (TPS), which serves as the operating company for the five oil producing concessions.
Through this transformational acquisition, Panoro adds high-quality oil producing assets with existing infrastructure, well managed operations and substantial upside potential. In addition, this acquisition further establishes Tunisia as a new core area for Panoro and is an important step towards the company becoming a material, full-cycle African focused exploration and and producing independent.
The Tunisian national oil company, Entreprise Tunisienne d’Activités Pétrolières (ETAP), holds the remaining interest in the concessions and TPS.
The concessions are currently jointly managed operated by ETAP and the target through TPS, a long standing and respected joint venture (JV) operating company.