On 6 November 2018 OMV announced that it is selling its 100% owned subsidiary OMV Tunisia Upstream GmbH to a subsidiary of Panoro Energy ASA. OMV Tunisia Upstream holds a 49% interest in five production concessions: Cercina, Cercina South, Gremda/El Ain, El Hajeb/Guebiba and Rhemoura. The concessions are located onshore and shallow offshore Gulf of Gabes in the Pelagian Basin. The company also holds a 50% interest in Thyna Petroleum Services SA. operating company. The sales agreement will be signed following the completion of an equity private placement by Panoro. The agreed purchase price is USD 65 million and the closing date of the transaction is 1 January 2018.  The production of the divested assets in 2017 was around 2,000 b/d of oil net to OMV. Partner in the production concessions will continue to be ETAP with 51%.  The OMV assets acquisition complements the recent acquisition by Panoro of the Sfax Offshore permit from DNO. The resource potential of the Sfax Offshore permit will benefit from the production infrastructure established on the OMV acreage. This appears in the drilling plans recently announced by Panoro. The Salloum West 1 appraisal well targets resources in the Sfax Offshore permit which will be developed using OMVâs infrastructure nearby.
Panoro will acquire 49% interests in the Cercina/Cercina Sud, El Ain/Gremda, El Hajeb/Guebiba and Rhemoura concessions from OMV for US$65 MM. The remaining stakes in the concessions continue to be held by Etap.