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Harvest Announces Exclusive Negotiations to Sell Interest in Gabon

Source: www.gulfoilandgas.com 9/30/2013, Location: Africa

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Harvest Natural Resources, Inc announced that its wholly-owned subsidiary, HNR Global Holding B.V. has entered into exclusive negotiations with Vitol S.A. (Vitol), to sell the Company's 66.667 percent interest in the Dussafu Marine Permit PSC, offshore Gabon for $137.0 million in cash. Net proceeds from the sale are estimated to be approximately $123.0 million after deductions for transaction related costs and taxes. The effective date of the transaction will be October 1, 2013, and will be subject to agreed adjustments.

Harvest has agreed to negotiate exclusively with Vitol for a specified period to reach a definitive purchase and sale agreement. There can be no assurance that these negotiations will result in the proposed transaction or any other transaction for the sale of Dussafu.

The closing of the proposed transaction would be subject to, among other things, approval by the Government of Gabon and the boards of directors of both the Company and Vitol.

James A. Edmiston, President and Chief Executive Officer of Harvest Natural Resources stated, "The execution of this agreement with Vitol combined with the previously announced transaction with Pluspetrol makes clear the path the Company has chosen to unlock the value of its portfolio for the benefit of its shareholders. While we cannot make any assurance that these transactions will close, we see both transactions as complementary and look forward to working with two outstanding counterparties toward a successful conclusion."

For more information about related Opportunities and Key Players visit West Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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