On 21 October 2019, Panoro Energy ASA (Panoro) announced it has reached an agreement with PetroNor E&P Ltd (PetroNor) to sell its 12.19% in the OML 113 with effect as of 30 June 2019. The transaction includes the payment of US$ 10 million (fixed value) in PetroNor shares and a contingent consideration of up to US$ 25 million based on future gas production. The OML 113 contains the Aje field that currently produces around 3,000 bo/d from Turonian and Cenomanian levels. It was discovered in 1996 and brought on stream twenty years later in May 2016.  The Aje field holds primarily gas and condensate in Turonian sands overlying a thin oil rim, oil is also present in deeper Cenomanian reservoirs. Partners agreed to develop the field under a multiphases approach with the Cenomanian oil to be produced first and the Turonian gas in a second time. But shortly after the first oil a production decline was experienced in the Cenomanian oil reservoirs. It forced the partners to draw up a field development plan (FDP) to accelerate the development of the Turonian gas level. The FDP was submitted to the Nigerian authorities during 2018 while in the meantime the partners completed a Turonian oil well to maintain a substantial production rate of the field.  Yinka Folawiyo Petroleum Co. Ltd operates OML 113 with a 41.88% interest. Partners are NewAge with 24.06%, Energy Equity Resources (EER) with 16.88%, PetroNor E&P Ltd (PetroNor) with 12.19%, and ADM Energy with 5%.Â   The block OML 113 is located in shallow to deep waters of the Benin Embayment, western offshore Nigeria. The block covers an area of 911 sq km and water depths range from less than 100 m to approximately 1,500 m.
Pan-Petroleum (Panoro) has reportedly agreed to sell its 12,2% WI in OML 113 (1593Â²km) licence to PetroNor for US$10 MM. 