Panoro Energy ASA's wholly-owned subsidiary Pan Petroleum Aje Limited has agreed in principle the terms of sale with an undisclosed buyer forits 6.502 % participating interest in the OML 113 licenseoffshore Nigeria, which includes the Aje field, for a totalconsideration of USD 30 million (the "Transaction") to bepaid in cash upon closing. Execution of the agreement will take place subject to waiver of pre-emption rights held by the other partners to the Joint Operating Agreement.

The Transaction with effective date of Jan 1, 2013 comprises a divestment of the Company's total interest in the OML 113license. Under the Joint Operating Agreement the existing partners have a 30 days pre-emption period which started May 17, 2013 after which a Sale and Purchase Agreement with the buyer is expected to be executed if the existing partners do not exercise their pre-emptive rights.

Tags: Panoro Energy