Panoro Energy ASA announced that it has received governmental approval and closed the previously announced farmout agreement ("FOA") on Block 2B offshore South Africa. In 2020, Panoro signed the FOA with a subsidiary of Africa Energy Corp. ("AEC"), part of the Lundin Group of Companies. Under the terms of the FOA, Panoro will acquire a 12.5% interest and carry the relevant AEC subsidiary for up to $2.5 million of the well cost; Panoro's funding of costs is subject to escrow funds being deposited by Azinam prior to the rig contract being signed. The well is expected to be spud by the end of 2021 and the rig tender process is already underway. Separately, AEC has announced the completion of a farm-out whereby Azinam Limited will take a 50% share and operatorship in Block 2B. Azinam is a private Southern Africa-focused oil and gas exploration company supported by Seapulse Ltd., a vehicle backed by Robert Friedland and Seacrest.