PetroNor E&P and the Government of The Gambia have reached a mutual agreement to settle the arbitration related to the A1 and A4 licenses.
Under the terms of the settlement agreement, PetroNor E&P will regain the A4 license comprising of approximately 1,376 km2 and sign a 30-year lease under new terms. Further, the Company will relinquish any claims related to A1 license. The terms of the new license are based on the newly developed Petroleum, Exploration and Production Licence Agreement, PEPLA, model.
The Company has previously purchased a significant 3D seismic survey and has found a number of analogue leads and prospects in its acreage to those of the discoveries and appraisal wells drilled by Cairn Energy in Senegal.
On 13 March 2015, the Company announced that independent petroleum consultant ERC Equipoise had prepared an updated assessment of prospective oil resources attributable to the Company’s Gambian licence. The assessment in conjunction with a 2017 Management Update, estimate the net unrisked mean prospective oil resources of A4 in excess of 1.5 billion barrels of oil.
The Government of The Gambia (10%)