Operations

Republic of Congo

The Company holds 10.5% indirect working interest in the PNGF Sud licences, offshore Pointe Noire in the Republic of Congo since January 2017, through part of its subsidiary, Hemla E&P Congo, interest.

Senegal

In Senegal, the Company reserves its rights to the 90% operated working interest in exploration blocks Rufisque Offshore Profond (“ROP”) and Senegal Offshore Sud Profond (“SOSP”) (together the “Senegal Licences”). The National Oil Company Petrosen, holds the remaining 10% equity. The Company’s Senegal Licences are located offshore southern and central Senegal, with a net acreage of 14,216 km². PetroNor E&P is currently in ICSID arbitration with the Government of Senegal with respect to the licences.

The Gambia

PetroNor E&P reserves its rights to the 100% operated working interest in offshore licences A1 and A4. The Company has completed a significant 3D seismic survey with data covering 2,500 km² and has found a number of analogue leads and prospects in its acreage to that of the recent discoveries and appraisal wells drilled by Cairn Energy in Senegal. The Company is currently in ICSID arbitration with the Government of The Gambia with respect to the licences.

Nigeria

The Company has entered into the licence of OML 113 following the purchase of a previous licence partner's interest in addition to entering into an SPV with the licence operator in late 2019.

The Aje oil and gas field, located about 24 Km from the coast in water depths ranging from 100 to 1,000 meters.