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PetroNor reaches Gambian deal

PetroNor reaches Gambian deal

PetroNor E&P has reached an agreement with The Gambia, relinquishing its claim to one block while cementing its hold on another.

The company had held the A1 and A4 licences. Under the out of court settlement, PetroNor will hold the A4 licence under a 30-year lease under new terms. It abandons its hold on the A1 licence. The Gambian government awarded this to BP in the first half of 2019.

PetroNor’s chairman Eyas Alhomouz said the deal was a good outcome for all parties. “The outcome is certainly one that we believe is in the best interest of the company and its shareholders, and one that we have been driving hard to achieve for over a year,” he said.

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Source: EnergyVoice

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