E&P Ltd. (OB:PNOR) entered into an agreement to acquire Pan-Petroleum Aje Limited from Panoro Energy ASA (OB:PEN) for $35 million on October 21, 2019. Pursuant to the terms of agreement, PetroNor will pay an upfront consideration of $10 million in form of shares and a contingent consideration of upto $25 million based on future gas production volumes. Concurrently, PetroNor also concluding a parallel agreement with OML 113 operator Yinka Folawiyo Petroleum to create a new holding company that will see PetroNor assume the lead technical and management role to develop the next phases of the project. For year ended December 31, 2018, Pan-Petroleum Aje reported total assets of $14.7 million, revenues of $9.47 million, EBTIDA of $1.89 million and net loss of $1.9 million. The transaction is conditional on execution and conclusion of the agreement with YFP, approval from Nigerian Department of Petroleum Resources and Nigerian Minister of Petroleum Resources. As of December 27, 2020, The transaction has received all governmental approval. The transaction is expected to close within the next 90 days. As of December 5, 2019, the condition for execution and conclusion of the agreement with YFP is satisfied. The long stop date is December 31, 2020. As of December 31, 2020, the long stop date has been amended to June 30, 2020. As of June 30, 2021, due to persistent challenges related to COVID-19 pandemic, the parties have agreed to extend the long stop date to September 30, 2021. As of September 30, 2021 the long stop date has been extended with month to October 31, 2021. As of October 31, 2021 the long stop date has been extended with month to November 30, 2021. As of November 30, 2021 the long stop date has been extended with month to December 31, 2021. As of December 30, 2021, the long stop date has been extended with month to January 31, 2022 to make allowance for the process of obtaining statutory government approvals taking longer than expected. As on May 2, 2022, the long stop date to complete the transaction has been extended to June 30, 2022. As on June 30, 2022, the long stop date to complete the transaction has been extended to July 15, 2022. The Transaction is expected to generate a net gain for Panoro which will be accounted for in the Financial Statements of Panoro upon closing of transaction.

E&P Ltd. (OB:PNOR) completed the acquisition of Pan-Petroleum Aje Limited from Panoro Energy ASA (OB:PEN) for $27.87 million on July 13, 2022. Consideration includes upfront consideration of $10 million plus a contingent consideration of up to $16.67 million based on future gas production volumes. The upfront consideration of $10 million is expected to the paid within fifteen business days via the allotment and issue of 96,577,537 new PetroNor shares.