Panoro secures loan for Dussafu development offshore Gabon

Panoro Energy has completed the sale of a 25% interest in the Dussafu production-sharing contract offshore Gabon to BW Energy Gabon for $12 million.

Offshore staff

OSLO, Norway – Panoro Energy has completed the sale of a 25% interest in the Dussafu production-sharing contract offshore Gabon to BW Energy Gabon (BWEG) for $12 million.

John Hamilton, Panoro’s CEO, said: “The closing of this transaction helps strengthen our balance sheet, while retaining a fully financed interest in Dussafu.”

Panoro’s subsidiary, Pan-Petroleum Gabon now has an 8.333% interest in the PSC, and has also entered into a loan facility under which whereby BWEG will provide up to $12.5 million to fund PPG’s share of all expenditures through the development phase to first oil production.

05/01/2017

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