PETRONOR E&P ASA Oslo ,15 May 2024 :PetroNor E&P ASA ("PetroNor or the Company") is pleased to provide the following update regarding its A4 licence in TheGambia . On18 November 2022 ,PetroNor and its partner, TheGambia National Petroleum Corporation ("GNPC"), exercised rights to continue with the Petroleum, Exploration, Development and Production Licence Agreement ("PEPLA") for the A4 licence in TheGambia . The terms of the PEPLA comprised two phases of 18 months period in the Initial Exploration Period.PetroNor is pleased to announce that it has agreed with the Government of TheGambia to extend the first phase of the Initial Exploration Period from 18 months to 36 months. A reduced cost for rental, training and minimum work program has been agreed for the extended period. At the end of the extended period by13 November 2025 , the Company will have the option to continue into the second phase of the Initial Exploration Period with a commitment to drill an exploration well or exit the agreement. It remains the Company and GNPC's strategy to form a strong partnership with others to drill the identified prospects. The results of the nearby exploration program inGuinea-Bissau focused on a similar play concept expected to be drilled during 2024 are awaited with interest. For further information, please contact: Investor Relations Email: ir@petronorep.com www.petronorep.com 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 .
Click here for more information
© Oslo Bors ASA, source
