PetroNor   the independent oil and gas exploration and production company with a focus on sub-Saharan Africa is pleased to announce the purchase of SPE Guinea Bissau AB. This entitles PetroNor to assume the Operatorship (and interest of 78.57%) of the Sinapa (Block 2) and Esperanca (Blocks 4A and 5A) licences in Guinea Bissau subject to Government approval. The licences have been extended for 3 years and are valid until 2 October 2023 maintaining the same attractive fiscal terms.

The acquisition entails that PetroNor is now the assumed Operatorship of two licences with meaningful equity interest of 78.57%. The Atum and Anchova prospects are analogous to the world class Sangomar field in Senegal and are certified ‘drill ready’, based on significant technical work delivered to date by Svenska Petroleum Exploration (SPE) and partner FAR Ltd.

Atum and Anchova prospects are commercially attractive prospects and believed to contain net combined P50 recoverable prospective resources of 568 mmbo. The Commencing review of rig market is with a view of drilling activity in 2021/22 and this a providing transformational catalysts for PetroNor.

 “This is a key strategic addition to PetroNor’s portfolio building in this highly attractive exploration trend. Along with the reinstated A4 licence in The Gambia and our acreage in Senegal, the equity available to potential farminess is a highly attractive material opportunity. PetroNor is continuing its work to bring in partners to fund a drilling campaign across all assets in the next few years,” PetroNor CEO Knut Søvold said.