Panoro targets Africa assets as majors eye exit

摘要

OSLO-LISTED independent Panoro Energy aims to be a "consoli-dator" in Africa, backed by financial players that still believe oil and gas has a profitable future and acquiring upstream assets shed by majors as they increasingly focus on renewables. Last month, Panoro agreed to acquire Tullow Oil's non-operating stakes in Equatorial Guinea and Gabon assets for $180 million, a deal that propels it up the league table of African oil producers with 12,000 barrels per day and vital cash flow. This $180 million transaction also underscores how lenders, together with new and existing shareholders, are willing to plough money into Africa's oil and gas sector, despite the energy transition and pressure on investors to drop their support for fossil fuel companies. Panoro is financing the Tullow deal - due to complete by the end of June - via a $70 million over-subscribed equity placement on the Oslo Stock Exchange and a $90 million debt facility from trading giant Trafigura.