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Sasol Divests from Gabon Upstream Oil Assets, Advancing Future Strategy

Source: www.gulfoilandgas.com 11/18/2020, Location: Africa

Sasol Gabon S.A. and VAALCO Gabon S.A.have signed a sale and purchase agreement (SPA) that will see VAALCO acquire Sasol’s 27.8% working interest in the Etame Marin block offshore Gabon (Etame). In addition, VAALCO is acquiring Sasol’s 40% non-operated participating interest in Block DE-8 offshore Gabon (DE-8). The effective date of the transaction is July 1, 2020 for a total cash consideration for both assets of US$44 million, subject to certain customary financial adjustments including cash flows attributable to the period from the effective date until the closing date. The SPA contains customary closing conditions including receipt of all necessary written consents, approvals or waivers, and provides for certain contingent payments of up to $6 million. Etame is a producing asset with proven reserves, while DE-8 is an exploration permit.

“This transaction marks another step towards Future Sasol. With our strategic repositioning, we made the decision to exit all upstream oil-based growth opportunities in West Africa, as we prioritise growth in specialty chemicals globally and focus on our Southern African energy business’ transition. We are pleased that VAALCO, our long-standing partner, has agreed to expand its interest and continue to nurture these assets,” said Paul Victor, Chief Financial Officer, Sasol Limited.

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