PetroNor secures extension terms for offshore Gambia license

Offshore staff

OSLO, Norway — PetroNor E&P has opted to exercise its right to continue exploration and development activities on the A4 license offshore The Gambia.

The company also has signed a joint operating agreement with Gambia National Petroleum Corp., giving the latter a 10% interest in the concession.

Amended terms of the existing agreement will allow PetroNor to phase commitments via an extended initial exploration period of three years, comprising two 18-month phases.

This will provide time for further technical de-risking studies prior to committing to exploration drilling in the second phase. The company will pay a signature bonus of $1 million with a minimum work program of $1.5 million in the first 18-month phase, with the option to then continue the license and commit to drill a well in the second phase.

A4 is within the same play trend as the Sangomar Field to the north, offshore Senegal.

11.18.2022