Drilling works for Blocks 2 and 4A & 5A offshore Guinea Bissau under the Sinapa and Esperança Licences respectively are set to take place between the end of this year (2021) and next year (2022) according to PetroNor E&P, a full-cycle Africa-focused independent oil and gas exploration, and production (E&P) company.
The Norwegian company made the announcement while providing an update on its acquisition transaction of SPE Guinea Bissau AB (“Svenska GB”), a wholly-owned subsidiary of Svenska Petroleum Exploration AB, Sweden, and the Operator of Block 2, the Sinapa Licence, and Blocks 4A & 5A, the Esperança Licence, offshore Guinea Bissau.
All the necessary approvals received
Four months after entering into an agreement with SPE Guinea Bissau AB, PetroNor announced that it has received the necessary approvals in the West African country, constituting a condition precedent to the completion of the transaction.
The transaction will be carried out in accordance with the terms of the share purchase agreement which stipulates that PetroNor will hold a 78.57% stake as operator of the Sinapa (block 2) and Esperanca (blocks 4A and 5A) licenses.
“We are very delighted to have received the necessary approvals to complete the acquisition of these very attractive and strategically complementary assets. The acquisition expands our exploration portfolio and gives us significant exposure to a number of prospects ready to be drilled, Atum and Anchova containing a gross recoverable prospective resource of 498 million barrels as estimate by Svenska Petroleum Exploration, “commented Knut Søvold the CEO of PetroNor.
The site exploration license is valid until October 2, next year but one.
PetroNor is also active in Senegal through its operational interests in the Rufisque Offshore Profond (ROP) and Senegal Offshore Sud Profond (SOSP) licenses.