PetroNor E&P has completed its acquisition of New Age (African Global Energy)’s interests in Oil Mining Lease (OML) 113 in Nigeria, home to the Aje Field, the company announced. The transaction, executed through a corporate acquisition of New Age’s Nigerian subsidiary, fully consolidates PetroNor’s joint venture partnership in the block and clears the path for the re-development of the Aje Field — a project long viewed as a key production growth driver for the Oslo-listed explorer.
The completion of the deal marks a significant milestone in PetroNor’s strategy to deepen its footprint in Nigeria’s offshore sector and unlock the potential of OML 113, where the Aje Field holds multi-stacked hydrocarbon resources. With the acquisition finalized, the company is expected to accelerate planning for field redevelopment operations that could restore and expand production from the asset.
Source: energy-pedia.com