Proposed Disposal of SOCO Yemen Pty Limited

Source: www.gulfoilandgas.com 2/4/2008, Location: Middle East

SOCO International plc entered into a conditional sale and purchase agreement for the sale of its wholly owned subsidiary SOCO Yemen Pty Limited, the entity that holds the Company’s interest in the East Shabwa Development Area in Yemen, to Sinochem Petroleum Limited for an enterprise value of US$465 million, subject to certain financial adjustments (the “Disposal“). The consideration for the Disposal is payable in cash on completion.


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