Economy
PetroNor Increases Stake in OML 113 Aje Gas Development
By Adedapo Adesanya
Norwegian oil and gas exploration company, PetroNor E&P, has announced a binding agreement with New Age (African Global Energy) to acquire New Age’s interests in OML 113 in Nigeria which contains the Aje field.
According to a statement released this week, the acquisition, the firm said, not only strengthens its position in OML 113 but also opens up exciting possibilities for future growth in the energy transition and strategic flexibility.
PetroNor will pay New Age $6 million cash plus a deferred future gas production payment up to a maximum of $20 million to acquire New Age’s entities holding a project economic and voting interest in the OML 113 Joint Operation Agreement (JOA) of 32 per cent.
Subject to completion, the agreement will not only increase PetroNor’s economic stake but also reinforce the company’s active involvement and influence in the license partnership to plan for the re-development of the Aje field.
PetroNor’s existing position in OML 113 was achieved through the acquisition of Panoro Energy’s Nigeria interests in a transaction which completed in 2022.
PetroNor is working with the OML 113 operator, Yinka Folawiyo Petroleum (YFP), to create a jointly owned company, Aje Production AS, which will hold a project economic and JOA voting interest of 39 per cent.
Following the completion of these transactions, PetroNor and YFP-related entities will have a project economic and JOA voting interest of 71 per cent.
The Aje field is estimated to contain recoverable resources of 480 billion cubic feet (BCF) of gas, 54 million barrels of oil, condensate, and liquefied petroleum gas (LPG).
The acquisition of New Age’s Aje interests will increase PetroNor’s net 2C contingent resources in Aje from 27.1 million barrels of oil equivalent (mmboe) to 70.1 mmboe.
Speaking on the development, the Interim CEO of PetroNor, Mr Jens Pace said: “This acquisition is consistent with PetroNor’s commitment to expanding its portfolio while demonstrating shareholder value. Acquiring New Age’s interests represents a big step in achieving the partner alignment necessary to move forward with plans for the redevelopment of the Aje field.
“We are excited about the potential value of this gas resource which is located close to major population centres and offers a cleaner source of energy for power generation and industrial use compared to current alternatives.”
The completion of the transaction is subject to customary conditions, including regulatory approvals in Nigeria
The Aje oil and gas field was discovered in 1996 with Aje-1 well. After several appraisal wells, the field started production in May 2016 via the Front Puffin FPSO. There were two producing wells in 2021 prior to suspending production, the Aje-4 with oil production and Aje-5ST2 with oil and gas production.
In addition to the oil, there is a significant gas-condensate column ready for further development. The oil production stopped in November 2021 due to the terminated contract with the FPSO.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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