Austria’s OMV has closed the previously announced transaction to sell its 100% owned subsidiary, OMV Tunisia Upstream, to a subsidiary of Oslo-listed Panoro Energy.
The two companies announced the deal in November . The agreed purchase price is $65 million.
OMV Tunisia Upstream holds 49% interests in the Cercina/Cercina Sud, El Ain/Gremda, El Hajeb/Guebiba and Rhemoura concessions in Tunisia and 50% of the shares in the Thyna Petroleum Services S.A. Operating Company (TPS). Other assets OMV currently holds in Tunisia are unaffected by the transaction.
The remaining stakes in the concessions and in TPS continue to be held by the Tunisian National Oil Company (ETAP).
John Hamilton , Chief Executive Officer of Panoro, said: “We are extremely pleased to have closed this transformational acquisition in Tunisia, which is consistent with Panoro’s strategy to continue building a leading international independent exploration and production company focused on Africa.
Hamilton added: “The TPS concessions are high quality oil producing assets, with low decline rates and low breakeven levels, are well managed, and contain substantial upside potential. We look forward to working with ETAP, the experienced TPS team and all stakeholders involved in these concessions. With our strategic partners Beender Petroleum and Mercuria Energy we intend to achieve our ambitious in-country growth objectives and to maximize the value of our portfolio over the short and long term.”