PetroNor E&P has completed the Guinea Bissau farm-down transaction which was announced on 27 th June 2023. Over the Christmas holiday period, Apus Energy initiated the payment of $23 million towards past licence costs and long lead items purchased for drilling.
The Government of Guinea Bissau approved the transfer of the the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licence interests to Apus during October 2023. It is anticipated that an exploration well to test the Atum-1 prospect will be drilled during the second quarter of 2024. In case of a successful well, PetroNor stands to receive two contingent earn-out payments of USD 30 million each, contingent upon government approval of a field development plan and sustained production.
Source: PetroNor
