NIGERIA: PetroNor Completes Purchase of Aje interests from Panoro Energy

PetroNor confirms that it has completed on the purchase of the Panoro fully owned subsidiaries Pan-Petroleum Nigeria Holding BV and Pan- Petroleum Services Holdings BV that together hold 100% of the shares in Pan-Petroleum Aje Ltd . Pan Aje participates in the exploration for and production of hydrocarbons in Nigeria and holds a 6.502% participating interest, with a 16.255% cost bearing interest, representing an economic interest of 12.1913% in OML 113, containing the Aje oil and gas field.

The upfront consideration to Panoro for the transaction is USD 10 million to be paid within fifteen business days via the allotment and issue of 96,577,537 new PetroNor shares. The volume of PetroNor shares to be issued to Panoro has been
determined with reference to the contractually determined 30-day volume weighted
average price (“VWAP”) of PetroNor’s shares currently listed on the Oslo Børs.
Following the issue of the Consideration Shares, the diluted shareholding of the existing
PetroNor shareholders will be 93.2%.

The acquisition of Panoro’s interests in OML 113 clears the path for establishment of Aje
Production AS as a jointly owned venture with Yinka Folawiyo Petroleum (YFP), the
operator of OML 113.

“We are pleased to confirm that this long-awaited transaction with Panoro has now been
completed. The acquisition of the ownership interest in the Aje field is strategically attractive and supports our stated growth strategy of acquiring assets that add production, material reserves and resources to the company. With the establishment of Aje Production, YFP and PetroNor will form a dynamic and effective licence partnership to lead the redevelopment of the Aje field,” says interim CEO Jens Pace.