Panoro Energy Buys OMV Tunisia

London-based E&P company Panoro Energy said its Norwegian subsidiary Panoro Tunisia Production has reached an agreement with OMV Exploration & Production GmbH to acquire 100 percent of the shares of OMV Tunisia Upstream GmbH.

According to the Oslo-listed company, the acquisition is for a cash consideration of $65 million.

OMV Tunisia Upstream holds a 49 percent interest in five oil producing concessions in Tunisia with net 2P reserves of 8.1 million barrels, and net production of approximately 2,000 bopd from 14 wells.

It also owns 50 percent Thyna Petroleum Services, which serves as the operating company for the five oil producing concessions. The Agreement entails signing of an agreed form share sale and purchase agreement, in accordance with Austrian notarial processes.

The remaining stakes in the concessions and in TPS continue to be held by the Tunisian National Oil Company (ETAP).

“The divestment represents a further step in optimizing OMV’s Upstream portfolio,” said Johann Pleininger, OMV Board Member Upstream and Deputy Chairman of the Executive Board.

OMV said that it continues to be committed to Tunisia and the ongoing development of its hydrocarbon resources in south Tunisia, in particular the development of the Nawara Concession, involving gas field infrastructure and a pipeline from a central processing plant in the Concession to Gabes (approximately 300 kilometers to the north).