By OGJ editors
HOUSTON, July 20 -- Addax Petroleum Corp., Calgary, agreed to pay $1.6 billion (Can.) for the two main subsidiaries of Pan-Ocean Energy Corp. Ltd. of St. Helier, Jersey.
The units, PanAfrican Energy Corp. and Pan-Ocean Energy UK Ltd., represent all of Pan-Ocean's operations. The transaction remains subject to approval by Pan-Ocean Energy shareholders.
PanAfrican Energy owns and operates Pan-Ocean's exploration, production, and marketing in Gabon. Pan-Ocean Energy UK provides management and operational services to Pan-Ocean.
The Gabon assets produce more than 10,000 b/d of oil, and Addax expects production to reach 18,000 b/d by yearend.
May 22, 2025
Photo from Diamondback Energy Inc.
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