PanOcean to Acquire Stake in Awoun Concession Onshore Gabon

PanOcean Energy is in the final stages of negotiations to acquire 50% of Shell's interests in the exploration and production sharing contract covering the Awoun Permit, located onshore Gabon, West Africa. The Awoun Concession is a 1,112 square kilomtere exploration permit, located north of the Avocette and giant Rabi Kounga (Shell 42.5%) fields and is immediately adjacent to current production from the Obangue field (PanOcean 92.5%), as well as PanOcean's Tsiengui discovery on the Maghena Concession (PanAfrican 100%, wholly owned subsidiary of PanOcean). The Joint Venture intends to capitalize on synergies during the exploration and future exploitation of the promising prospects located in the vicinity of existing export facilities.