PetroNor wins Congo-related court case

Oslo-listed oil company PetroNor has won a court case in relation to a dispute regarding its assets in Congo.

The company said Monday it had won a case in which certain of its shareholders were sued by Trond Kostveit in relation to PetroNor’s Congo subsidiary Hemla Africa Holding AS.

PetroNor owns its interests in PNGF Sud license offshore COngo through controlling interests in Hemla Africa Holding AS and HEPCO.

According to PetroNor’s previous statements, Kostveit, a minority shareholder in HEPCO, argued that he was entitled to a larger ownership position in  HEPCO, including past dividends taking such ownership position into account, based on an alleged oral agreement with PetroNor’s Executive Director Gerhard Ludvigsen, CEO Knut Søvold, and Petromal (a partial owner of PetroNor).

“In the judgment received today, the claims put forth by Mr. Kostveit have been rejected in their entirety and Mr. Kostveit has been ordered to pay NOK 1 571 149 to cover the costs incurred by HAH, Mr. Gerhard Ludvigsen and Mr. Knut Søvold in connection with the dispute,” PetroNor said.

As for PetroNor’s asset in Congo – an interest in the PNGF Sud offshore block – it started production in 1987 and is currently producing approximately 22,000 bopd gross from four oil fields, Tchibouela, Tchendo, Tchibeli, and Litani, info on PetroNor’s website reveals. According to Petronor, there is a potential to increase production to 30,000 bopd, mainly through work-over and infill drilling.

PetroNor owns 10.5% – indirectly through part of Hemla E&P Congo interest, with production net to the company of 2,300 bopd. Partners in PNGF Sud are are Perenco (Operator, 40%),  SNPC (15%), Hemla E&P Congo S.A. (20%), Continent Congo S.A. (10%), Africa Oil & Gas Corporation (10%) and Petro Congo (5%).


Offshore Energy Today Staff

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Posted on October 28, 2019

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