Oslo ,29 December 2023 :PetroNor E&P ASA ("PetroNor ") is pleased to confirm the completion of theGuinea Bissau farm-down transaction which was announced on27th June 2023 . Over the Christmas holiday period, Apus Energy DMCC (APUS) initiated the payment of$23 million towards past licence costs and long lead items purchased for drilling 1 The Government ofGuinea Bissau approved the transfer of the the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licence interests to Apus duringOctober 2023 . It is anticipated that an exploration well to test the Atum-1 prospect will be drilled during the second quarter of 2024. In case of a successful well,PetroNor stands to receive two contingent earn-out payments ofUSD 30 million each, contingent upon government approval of a field development plan and sustained production. Congo PNGF Bis update: OnDecember 27th , theCouncil of Ministers in theRepublic of Congo met and approved a number of energy projects. This included the award of the PNGF Bis licence to a contractor group led byPerenco as an operator and withPetroNor , represented through its Congolese subsidiary, Hemla E&P Congo, as a partner with a net interest of 22.7% 2. This approval will clear the path for signing of a production sharing agreement in early 2024. "We are pleased that the farm-out of theGuinea Bissau licences will lead to the drilling of an important exploration well forGuinea Bissau and the region. The completion of this transaction, coupled with the approval from theCongolese Council of Ministers on PNGF Bis , is a welcome way to close what has been a very successful year forPetroNor . TheGuinea Bissau payment is a significant contribution to the company's year-end balance sheet that is already strengthened by record production and oil sales. In addition, we look forward to progressing the development of the new licence in the Congo during 2024 with our partners." says interim CEOJens Pace . For further information, please contact: Investor Relations Email: ir@petronorep.com 1$25 million consideration adjusted for working capital changes since transaction signature. 2 PNGF Bis contains Net 2C resources of 6.6 mmbo inPetroNor's 2023 Competent Person's Report. AboutPetroNor E&P ASA PetroNor E&P ASA is anAfrica -focused independent oil and gas exploration and production company listed on Oslo Børs with the ticker PNOR.PetroNor E&P ASA holds exploration and production assets offshoreWest Africa , specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in TheGambia and OML-113 inNigeria .
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