Locked into interminable arbitration proceedings in Senegal and Gambia (
AEI 833),
Frank Timis' firm
African Petroleum (APCL) is looking for a fresh start through its merger this month with
PetroNor. The latter is 50% owned by
Petromal Sole Proprietorship, a subsidiary of UAE investment firm
National Holding which, while being a private company shows clear support for Abu Dhabi. The chief executive of both Petromal and PetroNor, American national
Eyas Alhomouz is tipped to become the chairman of the new entity, dubbed
PetroNor E&P, and his second-in-command,
Knut Sovold, co-founder of PetroNor and former board member of the Canadian junior
James Bay Resources (an unsuccessful bidder for Nigeria's OML 25,
AEI 824), will be in charge of operations. The remaining 50% of PetroNor is held by the Norwegian junior
NOR Energy, founded in 2005 by the former minister of energy in Alberta, Canada,
Richard D. Orman (
AEI 783).
The merger will bump up APCL's coffers through revenue from the Congo-B
PNGF Sud permit, which produces 21,000 bpd and of which PetroNor holds 10.5% via its subsidiary
Hemla E&P alongside British-French operator
Perenco. PetroNor also has an option on a 14.7% stake for block PNGF bis, which should be commissioned in 2020.
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