OSLO, Norway – PetroNor has reached an accord with Senegal’s government on suspending the arbitration related to the Rufisque Offshore Profond and Senegal Offshore Sud Profond license areas for six months.
It follows progressive dialogue with the relevant authorities.
Eyas Alhomouz, chairman of PetroNor E&P Ltd., said: “This is a positive development that matches PetroNor’s strategy adopted since the merger with African Petroleum Corp. to seek an amicable solution in The Gambia and Senegal…
“We... hope to use this window of suspension to progress our dialogue and reach a firm agreement that benefits both PetroNor and Senegal.”
PetroNor reserves its rights to a 90% operated interest in the two concessions which cover a total area of 14,216 sq km (5,489 sq mi).
Previously it purchased 10,000 km (6,214 mi) of 2D seismic data over the licenses and compiled a regional database, and in May 2012, completed a 3,600-sq km (1,390-sq mi) 3D seismic acquisition over Senegal Offshore Sud Profond.
In 2105 ERC Equipoise assessed mean prospective oil resources at around 1.779 Bbbl.