NOR Energy AS (NOR) and its partner Antrim Energy Inc. ("Antrim Energy") have entered into two agreements that may lead to the resumption of exploration activities on the Production Sharing Agreement for the Pemba – Zanzibar exploration licence offshore and onshore Tanzania (the "P-Z PSA").
The two agreements, with Ras Al Khaimah Gas Tanzania Limited (RAK Gas), provides RAK Gas with the option to acquire control of NOR's wholly owned subsidiary, the licencee of the P-Z PSA. As part of this agreement, RAK Gas has undertaken to work towards re-negotiation of the P-Z PSA exploration work programme with Tanzania Petroleum Development Corporation and attempt to secure access rights to the licence area.
The licence, which covers 3.5 million acres (14,060 km2), is in a highly prospective oil and gas region that has recently seen significant exploration activity. Exploration on the licence has been suspended for several years due to an impasse between the Zanzibar authorities and the Government of Tanzania.
RAK Gas LLC is the state natural gas utility of the Emirate of Ras al Khaimah in the UAE. RAK Gas is the majority shareholder in two offshore blocks in Ras al Khaimah as well as holding interests in eight exploration blocks in East Africa and Egypt, including the East Pande block in Tanzania.
NOR Energy AS is a Calgary based Norwegian incorporated privately held company.
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