Independent oil and gas exploration company, PetroNor, has announced the purchase of SPE Guinea Bissau AB meaning the company will assume operatorship of two licenses, according to a press release.

The two licenses in question are the Sinapa (Block 2) and Esperanca (Blocks 4A and 5A), with PetroNor assuming 78.57% interest in the blocks.

CEO of PetroNor, Knut Søvold, said: “This is a key strategic addition to PetroNor’s portfolio building in this highly attractive exploration trend. Along with the reinstated A4 license in The Gambia and our acreage in Senegal, the equity available to potential farminess is a highly attractive material opportunity. PetroNor is continuing its work to bring in partners to fund a drilling campaign across all assets in the next few years.” 

This is a strategic acquisition and is part of PetroNor’s strategy to grow its position in this highly prospective trend that continues to be a hotspot for exploration activity. It is worthy to note that the prospects are ready to be drilled, benefitting from significant technical work by Svenska Petroleum Exploration (SPE) and partner FAR.

The licenses have been extended for 3 years and are valid until October 2023 maintaining the same attractive fiscal terms.