The National Authority for Investigation and Prosecution of Economic and Environmental Crime in Norway (Økokrim) yesterday entered the premises of PetroNor E&P Limited in Oslo. 

The Company has been informed that CEO of PetroNor E&P Limited, Knut Søvold, is one of the individuals being detained as part of the authorities’ investigations to obtain information that may confirm or disprove a suspicion of a criminal offense. In order to ensure that the Company’s ongoing operations are well taken care of during the investigation period the board has appointed board director Jens Pace as interim CEO with immediate effect.

PetroNor E&P holds exploration and production assets offshore West Africa, specifically the PNGF Sud licenses in Congo Brazzaville, the A4 license in The Gambia, the Sinapa (Block 2) and Esperança (Blocks 4A and 5A) licenses in Guinea-Bissau, the Rufisque Offshore Profond and Senegal Offshore Sud Profond in Senegal (in arbitration) and OML-113 in Nigeria (subject to completion).