OMV, the international integrated oil and gas company based in Vienna, has closed the previously announced transaction to sell its 100% owned subsidiary, OMV Tunisia Upstream GmbH, to a subsidiary of Panoro Energy ASA, an Oslo-listed, London-based international independent oil and gas company. The agreed purchase price is USD 65 mn.

OMV Tunisia Upstream GmbH holds 49% interests in the Cercina/Cercina Sud, El Ain/Gremda, El Hajeb/Guebiba and Rhemoura concessions in Tunisia and 50% of the shares in the Thyna Petroleum Services S.A. Operating Company (TPS). Other assets OMV currently holds in Tunisia are unaffected by the transaction.

The remaining stakes in the concessions and in TPS continue to be held by the Tunisian National Oil Company (ETAP).

OMV continues to be committed to Tunisia and the ongoing development of its hydrocarbon resources in south Tunisia, in particular the development of the Nawara Concession, involving gas field infrastructure and a pipeline from a central processing plant in the Concession to Gabes (approx. 300 km to the north).

About OMV Aktiengesellschaft

OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio, with the North Sea, the Middle East & Africa and Russia as further core regions. 2017 daily production stood at approximately 348,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2017, gas sales volumes amounted to around 113 TWh. Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.

About Panoro Energy

Panoro Energy ASA is an independent E&P company based in London and listed on the Oslo Stock Exchange with ticker PEN. The Company holds high quality production, exploration and development assets in Africa, namely the Dussafu License offshore southern Gabon, OML 113 offshore western Nigeria, and the TPS operated assets, Sfax Offshore Exploration Permit and Ras El Besh Concession, offshore Tunisia.