London-based independent E&P company Panoro Energy’s Norwegian subsidiary Panoro Tunisia Production AS has signed an agreement with OMV Exploration and Production GmbH to acquire 100 per cent of the shares of OMV Tunisia Upstream GmbH for a transaction value worth US$65mn.

OMV Tunisia holds a 49 per cent interest in five oil-producing concessions in Tunisia with net 2P reserves of 8.1 mmbbl and net production of approximately 2,000 bopd from 14 wells. It also owns 50 per cent of Thyna Petroleum Services SA (TPS), which serves as the operating company for the five oil-producing concessions.

The five oil-producing concessions, which include Guebiba/El Hajib, Rhemoura, El Ain, Cercina, and Cercina South, are located onshore and shallow water offshore near to the city of Sfax, and adjacent to Panoro’s operated Sfax Offshore Exploration Permit (SOEP) recently acquired from DNO ASA.

Source: Oil Review Africa