Petroleum Africa
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Monday, August 24, 2015
Azonto Petroleum has concluded the sale of its indirect interest in Vioco Petroleum to Vitol E&P. Azonto received a consideration of $4 million from Vitol for the indirect interest.
The sale of associated wellhead drilling equipment for an additional amount of $1.1 million (less the value ascribed to any wellhead drilling equipment which is removed or damaged prior to completion) has not yet completed and remains subject to satisfaction of certain conditions precedent prior to November 7.
As per the sale agreement, Azonto may receive further consideration of $2 million for the sale of the shares in Vioco on the occurrence of a hydrocarbon, payable within 10 business days of a discovery.
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