SOCO: All conditions met for Angola asset sale
London-listed oil company SOCO International has said all conditions for the previously announced sale of its Angola assets have been met.
SOCO in July announced it had entered into a sale and purchase agreement (SA) with Quill Trading Corporation and WMLC Resources to sell its entire shareholding in SOCO Cabinda Limited in Angola for $5 million.
SOCO Cabinda Limited holds 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 said on Friday: “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.”
The completion of the sale of SOCO Cabinda will mark SOCO International’s exit from Africa.
The sale agreement in July followed Soco’s sale of its Congo offshore assets for $10 million to Coastal Energy late in June, covering a 40.39% operated interest in each of the Lidongo, Viodo, Lideka, and Loubana exploitation permits within the former Marine XI Block, located in shallow water offshore Congo (Brazzaville).
The company’s only remaining assets are in Vietnam where Soco holds interests in three offshore blocks.
Offshore Energy Today Staff