Petroleum Africa
Find us on: 
Wednesday, August 3, 2016
During a meeting between Cobalt International Energy’s CEO Tim Cutt, and Sonagol Chairwoman Isabel dos Santos, it was decided that instead of Sonangol acquiring a 40% stake in Blocks 20 and 21 as previously agreed upon, Cobalt will now market the stake to sell to a third party.
According to the US independent, it received a letter from dos Santos on August 1 confirming Sonangol’s support of such a marketing and sale process. Given this agreement to market Cobalt’s interest in Blocks 20 and 21, it is unlikely that the sale transaction between Cobalt and Sonangol will close pursuant to the terms of the August 2015 Purchase and Sale Agreement, and therefore it is likely the Purchase and Sale Agreement will automatically terminate on August 22.
Cobalt is currently preparing a data room for its Angola assets and will immediately commence the marketing and sale process.
Commenting on this Angola sale update, Cutt said, “Although we would prefer the transaction with Sonangolto close, I am pleased that we can remarket these attractive liquid rich assets to third parties. The development cost environment has improved substantially, the fundamentals for medium to long term liquids pricing remains strong and we have delivered two new discoveries on Block 20.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
