OMV to Sell Tunisian Subsidiary to Panoro Energy for $65 Million
November 06 2018 - 11:29AM
Dow Jones News
By Sarah Sloat
OMV AG (OMV.VI) has agreed to sell a Tunisian subsidiary to
Panoro Energy ASA (PEN.OS) for $65 million, the Austrian
oil-and-gas company said Tuesday.
In the transaction, OMV is selling OMV Tunisia Upstream GmbH to
a subsidiary of Panoro Energy. OMV Tunisia Upstream GmbH holds 49%
interest 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 SA Operating Company, OMV
said.
The effective date of the deal is Jan. 1, 2018.
"The divestment represents a further step in optimizing OMV's
upstream portfolio," said Johann Pleininger, deputy chairman of
OMV's executive board.
OMV said it remains committed to Tunisia and the development of
its hydrocarbon resources in the south of the country.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
November 06, 2018 11:14 ET (16:14 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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