22 February 2021, Johannesburg – Pan African Law Conglomerate, Centurion Law Group is pleased to have acted as local counsel to Panoro Energy ASA (Panoro) on the $105 million purchase of all Tullow Oil PLC (Tullow) assets in Equatorial Guinea. The parties have signed a sale and purchase agreement, pursuant to which Tullow has agreed to sell its entire interest in Tullow Equatorial Guinea Limited.
“We are excited to have assisted Panoro Energy on this landmark Oil and Gas transaction,” said Manuel Oliveira Director and Shareholder, who led Centurion’s EG deal team. “This was a significant transaction that involved cooperation between experienced attorneys from Centurion and also Panoro’s team.” Added Mr. Oliveira.
This transaction, which forms part of Tullow’s US180 million sale of assets to Panoro in West Africa, has been approved by the government of Equatorial Guinea. It is also a class 1 transaction under the UK listing rules and is subject to approval from both parties’ shareholders.
Panoro is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high-quality exploration and production assets in Africa with oil production from fields in Tunisia, Gabon, Nigeria and now Equatorial Guinea.
“This was an exciting project and our team was able to seamlessly address the many and varied needs of Panoro,” said Oneyka Cindy Ojogbo. “This type of deal once again underscores Centurion’s ability to leverage our unparalleled energy industry experience to assist great companies in Africa. ” Concluded Ms Ojogbo
Our team included Partner Manuel Oliveira, Senior Associate Oneyka Cindy Ojogbo and Associates Pablo Obama Mitogo and Shantel Mufandiadza.
Centurion Law Group is a pan-African corporate law conglomerate, with a specialized focus on cross-border business and energy law. We help you navigate the legal and regulatory environments of Africa’s many jurisdictions and ensure that deals are done and completed as efficiently and cost-effectively as is possible.