UK-based oil and gas firm SOCO has entered into a sale and purchase agreement (SPA) with Quill Trading and WMLC Resources to sell its entire stake in SOCO Cabinda for a total cash consideration of up to $5m.
Image: Onshore drilling. Photo: courtesy of Stuart Miles/Freedigitalphotos.net.
SOCO’s 85 percent owned subsidiary SOCO Cabinda, holds a 22 percent, non-operating, working interest in the PSC for the Cabinda North Block on shore the Angolan Cabinda enclave.
The completion of the SPA is conditional, inter alia, upon receipt of customary approvals. The long stop date for satisfaction or, where applicable, waiver of the SPA conditions is 31 July 2018.
SOCO president and CEO Ed Story said: “The sale of SOCO’s interests in the Cabinda North Block further demonstrates our commitment to portfolio rationalisation, which forms a key part of the Group’s strategy.
“This transaction completes our previously announced plans to divest from all our current African interests. We look forward to the future and continue to assess new opportunities to further grow and strengthen the business”.
Source: Company Press Release