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INVESTMENT The group agreed, however, that it would extension of the Ceiba Field and Okume Com-
reconvene in the future if a financing gap were plex PSC to end 2040 we look forward to work-
ECOWAS to lend $250mn identified. ing with our aligned partners and stakeholders
“The creditor committee examined the latest to unlock the full potential of our enlarged asset
for oil and gas, energy, developments on the macroeconomic and finan- base in Equatorial Guinea.”
Block S covers a surface area of 1,245 square
cial situation of Chad and noted that no debt
road infrastructure and relief from official bilateral creditors is currently km with water depths ranging from 450 metres
needed given the surge in oil prices,” a Paris Club to 1,500 metres and is covered by high quality
agriculture projects in statement said. 3D seismic. The block surrounds the producing
Ceiba Field and is adjacent to the producing
Chad joined the circle of African oil-produc-
five West African states ing and exporting countries in the early 2000s. Okume Complex, which is operated by Trident
The majority of its crude is derived from the Energy and where Panoro holds a 14.25%-non
The ECOWAS Bank for Investment and Devel- Doba Basin, with major operators, including operated participating interest, which accounted
opment (EBID) board has approved the alloca- ExxonMobil (US) and Shell (UK), continuing to for 4,714 bpd of oil net working interest produc-
tion of $250mn in support for five member states drive progress. tion for Panoro during the first half of the year,
to boost the oil and gas, energy, road infrastruc- However, despite estimated reserves of 1bn around 60% of Panoro’s total output.
ture and agricultural sectors of West Africa. barrels of oil, production in Chad has been slow, Past exploration activities on Block S have
The beneficiary countries are Burkina Faso, with 2022 levels estimated at 68,000 barrels per tested and proven the necessary geological play
Ghana, Nigeria, Senegal and Sierra Leone, EBID day (bpd), down from 109,000 bpd the previous elements which has led to an extensive prospect
President and Board Chairman Dr. George year. inventory being identified within tie-back dis-
Agyekum Donkor announced, without provid- According to Reuters, the deal discussed tance to the Ceiba Field and Okume Complex
ing details of how the funds would be allocated. between the Paris Club and Chad would see facilities. One exploration well is planned to be
The approvals are part of the intensified China, France, India and Saudi Arabia offer debt drilled during 2024. Panoro’s farm-in is subject
efforts by EBID, a development finance insti- relief while another major creditor, Glencore, to customary approvals.
tution, to invest in key sectors to accelerate the has also agreed to restructure the debts owed. Panoro Energy, October 20 2020
post-COVID pandemic recovery and mitigate Ethiopia and Zambia have also applied for
the impact of the Russia-Ukraine war on mem- debt relief, but progress has not yet been made Afentra provides update
bers of ECOWAS (the Economic Community of on an agreement.
West African States). bna/IntelliNews, October 14 2022 on Angolan acquisitions
Donkor noted that current market condi-
tions have compelled investors to seek a pre- Panoro Energy to farm Afentra provides the following update regarding
mium on investments in Sub-Saharan Africa, the previously announced Angolan acquisitions.
thereby increasing the cost of capital. That, in in to Block S offshore Sonangol Acquisition: On April 28, 2022,
turn, he said, has resulted in dampening eco- the Company announced that its wholly-owned
nomic growth, widespread balance of payments Equatorial Guinea subsidiary, Afentra (Angola) Ltd, had signed a
deficits, unfavourable terms of trade, depletion sale and purchase agreement (SPA) with Sonan-
of central bank international reserves, fiscal defi- Panoro Energy has agreed to farm in to the Kos- gol Pesquisa e Producao SA to purchase non-op-
cits and debt distress. mos Energy operated Block S offshore Equato- erating interests in Block 3/05 and Block 23,
Therefore, EBID must deepen its financial rial Guinea for a 12% non-operated participating offshore Angola.
intermediation in all the critical sectors of the interest. The current joint venture partnership at As set out in the admission document pub-
member states to assist them in recovering, he Block S is Kosmos Energy (40% and operator), lished by the Company on August 10, 2022,
said. Trident Energy (40%) and GEPetrol (20%). Pan- the Sonangol Acquisition is subject to a num-
bna/IntelliNews, October 14 2022 oro’s agreed farm-in is on the basis that it will ber of conditions precedent (CPs), including
acquire a 6% participating interest from each of the receipt of governmental approvals and the
Paris Club rejects debt Kosmos Energy and Trident Energy, respectively extension of the Block 3/05 Production Sharing
(12% in aggregate).
Agreement until at least December 31, 2040.
relief for Chad, citing “We are excited to farm in to Block S, which all relevant parties and expects to finalise the
The Company remains in discussion with
John Hamilton, CEO of Panoro, commented:
surging oil prices significantly expands our acreage position off- Sonangol Acquisition in Q4-2022, as previously
shore Equatorial Guinea and our exposure to guided. Whilst we remain on track to achieve
Due to the surge in oil prices, Chad does not near field exploration potential. The block is this timing, satisfaction of the CPs is antici-
currently need debt relief, according to the in the immediate vicinity of our producing pated to occur after the current long-stop date
Paris Club, a group of major creditor countries Ceiba Field and Okume Complex which have of October 20, 2022. The Company are therefore
focused on finding sustainable solutions to diffi- to date produced around 465mn barrels of oil, pleased to announce it has reached an agreement
culties experienced by debtor countries. and where we are also partnered with Kosmos with Sonangol to extend the long-stop date to 31
Under an initiative established in 2020 by Energy, Trident Energy and GEPetrol. In line December 2022 in order to facilitate satisfaction
the G20 and the Paris Club, governments can with our infrastructure led exploration strategy, of the CPs in Q4-2022.
now request a debt-restructuring deal with their Panoro will have modest financial exposure to INA Acquisition: On July 19, 2022, the Com-
creditors. Following an application by Chad, it a large inventory of prospects and leads within pany announced that its wholly-owned subsid-
was decided that the landlocked country at the tie back distance of existing production facilities iary, Afentra (Angola) Ltd, had signed an SPA
crossroads of North and Central Africa does not offering scope to leverage synergies in the event with INA (Industrija Nafte) to purchase interests
currently need debt relief. of a commercial discovery. Following the recent in Block 3/05 and Block 3/05A, offshore Angola.

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