African Petroleum to merge with Petronor in June

Reference is made to the extended stock exchange announcement released on 19 March 2019 by African Petroleum regarding the agreement to combine with PetroNor E&P for an all share consideration of c. 816 million shares in African Petroleum.

Subject to fulfilment of the conditions for completion of the Transaction, as further set out in the extended stock exchange announcement, completion of the Transaction is now targeted to occur by the end of June 2019.

African Petroleum announced March 19 2019 that the Company has entered into an agreement to combine with PetroNor E&P for an all-share consideration of c. 816 million shares in African Petroleum. PetroNor is a privately owned, Africa focused E&P independent, that holds a 10.5% indirect interest in the PNGF Sud fields and right to negotiate entry into a 14.7% indirect interest in an exploration license covering the PNGF Bis fields in Congo Brazzaville. Subject to shareholder approval, and certain other customary conditions, African Petroleum will at completion of the Transaction change its name to PetroNor E&P.

 

Source: African Petroleum

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