BW Energy Gabon Pte. Ltd (BWEG), a subsidiary of BW Offshore, has completed the acquisition of 100% interest in Harvest Dussafu B.V. from Harvest Energia B.V., a wholly owned subsidiary of Harvest Natural Resources, Inc. Closing is in line with the terms and conditions previously communicated in the stock exchange release made on 22 December 2016.
BWEG is owned by BW Energy Holdings Pte. Ltd. (BWEH), a joint venture company between BW Offshore (66.67%) and Maple Company Limited (33.33%), a wholly owned subsidiary of BW Group Limited, for the purpose of pursuing oil and gas interests.
Following the closing, BWEG holds a 66.66% working interest in the Dussafu production sharing contract, while Panoro Energy ASA holds the remaining 33.33%.
BW Offshore and Panoro Energy ASA are working towards closing of the acquisition of a further 25% working interest in the Dussafu licence from a subsidiary of Panoro Energy, Pan-Petroleum Gabon B.V. “PPGBV), and a separate announcement will be made once such transaction is completed. In relation to and subject to the closing of the acquisitions from Panoro and Harvest, BWEG is in discussions with the Gabon Oil Company (GOC) for their participation in the field ownership.