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SOCO Provides Update for its Interest in SOCO Cabinda

Source: www.gulfoilandgas.com 2/13/2013, Location: Africa

SOCO International plc provides Operational Update for the option to sell majority interest in SOCO Cabinda Limited (SOCO Cabinda) to minority interest holder.

As originally announced on 25 September 2012 SOCO entered into a conditional agreement wherein it would sell its 80% majority interest in SOCO Cabinda Limited to the minority shareholder of the company, which holds the remaining 20% interest. SOCO Cabinda has a 17% participating interest in the Cabinda North Block, onshore the Angolan enclave of Cabinda. Under the terms of the agreement, SOCO received a non-refundable deposit for the option to acquire, within 120 days, SOCO's entire shareholding in SOCO Cabinda.

Earlier this month, SOCO agreed to an approximate three week extension of the option expiry date.

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  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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