Adelphi Announces Sale of Yemen Block 7 InterestSource: www.gulfoilandgas.com 2/27/2009, Location: Middle East
Adelphi Energy Limited is pleased to advise that it has entered into a Sale and Purchase Agreement (SPA) with Mitsui E&P Middle East B.V, (MEPME) for the sale of Adelphi’s 8.5% interest in Block 7 in Yemen for a net consideration payable to Adelphi of US$4 million.
MEPME is part of the Mitsui Group, one of the largest corporate conglomerates in Japan and one of the largest publicly traded companies in the world.
The completion of the Transaction is conditional on Yemen Government approvals and other standard commercial conditions. The material conditions of the Transaction are contained in the attachment. Final settlement of the Transaction is expected to occur in the second quarter of 2009.
The effective date of the Transaction has been agreed as 1 January 2009, with any Block 7 joint venture costs paid by Adelphi from that date being reimbursed by MEPME upon final settlement. MEPME has also agreed to advance up to US$1.4 million of the purchase consideration to Adelphi. This advance can be utilised by Adelphi for the funding of its Block 7 joint venture cash calls in the interim period until final settlement.
Commenting on this transaction, Adelphi Chairman, Alex Forcke, said:
“The sale of our Yemen Block 7 interest follows a strategic review undertaken by the Board as a result of the drastically changed capital market conditions since the middle of last year. The proceeds from this sale will put Adelphi in a considerably stronger financial position going forward, ensuring Adelphi is well funded to continue to progress its oil and gas business.
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