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Panoro Energy to acquire Tunisia Upstream GmbH

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Panoro Energy, a London-based independent  E&P company has signed an agreement with OMW Exploration and production GmbH to acquire 100 percent of the shares of Tunisia Upstream GmbH.

The transaction is said to cost about US$65mn.

Oil Review Africa stated that OMV Tunisia holds a 49 percent interest in five oil-producing concessions in Tunisia with net 2P reserves of 8.1 mmbbl and net production of approximately 2,000 bopd from 14 wells.

OMV Tunisia also owns 50 percent of Thyna Petroleum Services SA (TPS), which serves as the operating company for the five oil-producing concessions.

Guebiba/El Hajib, Rhemoura, El Ain, Cercina, and Cercina South are the five oil-producing concessions and are located onshore and shallow water offshore near to Sfax and adjacent to Panoro’s operated Sfax Offshore Exploration Permit (SOEP) recently acquired from DNO ASA.

Panoro Energy is expected to add high-quality oil producing assets with existing infrastructure, well-managed operations, and substantial upside potential when it acquires the shares.

This will also further establish Tunisia as a new core area for Panoro and is an important step towards the Company becoming a material, full-cycle African focused E&P independent.

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