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Provider: Wright Reports
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ANP approves assignment of Panoro Energy's subsidiary in Brazil Rio das Contas to GeoPark

Friday, 28 Mar 2014 02:30am EDT 

Panoro Energy ASA:Says the Brazilian Petroleum Agency (ANP) has approved the replacement of the parental guarantee of Panoro Energy ASA with the parental guarantee of GeoPark Limited as an extraordinary item.Says the approval allows the complete transfer of Panoro Energy's shares in Rio das Contas to GeoPark Brasil Exploracao e Producao de Petroleo e Gas Ltda to take place.The announcement saying Panoro Energy had reached an agreement to sell its Brazilian subsidiary Rio das Contas to GeoPark was releases in May 2013.Purchase consideration was agreed to up to $160 million with $140 million to be paid upon closing and up to $20 million in earn-out paid during the five year period Jan. 1, 2013 to Dec. 31, 2017.The closing of the transaction will be executed within three business days. 

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