PetroNor boosts OML 113 operations with $20m acquisition deal

PetroNor E&P, has announced a binding agreement with New Age (African Global Energy) to acquire New Age’s interests in OML 113 in Nigeria which contains the Aje field.

According to the agreement, PetroNor will pay New Age USD 6 million cash plus a deferred future gas production payment up to a maximum of USD 20 million to acquire New Age’s entities holding a project economic and voting interest in the OML 113 Joint Operation Agreement (‘JOA’) of 32 per cent.

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