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SOCO Provides Update on Sale of Angolan Interests

Source: www.gulfoilandgas.com 9/28/2018, Location: Africa

As announced on 2 July 2018, SOCO entered into a sale and purchase agreement (SPA) for the sale of the Group’s entire 80% shareholding in SOCO Cabinda Limited, the company holding a 22 percent, non-operating, working interest in the production sharing contract for the Cabinda North Block, Angola.

The long stop date for satisfaction or, where applicable, waiver of the SPA conditions was 30 September 2018. SOCO is pleased to confirm that all substantive conditions precedent to the transaction have been irrevocably satisfied or waived. To allow a brief period to undertake the necessary mechanics of completion, the parties have agreed a further extension of the SPA long stop date to 5 October 2018. An update will be provided to the market when completion occurs.

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 

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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