Petroleum Africa
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Tuesday, May 13, 2014
Gasol announced in February that GDF Suez E&P International had received exercising notices in relation to Block CI27 partner’ pre-emption rights offshore Cote d’Ivoire. On signing the financing facility agreement and in accordance with the terms of the sale and purchase agreement, Gasol paid the seller a deposit of $2 million. Following the exercise of pre-emption by the existing partners the seller returned the deposit.
The sale and purchase agreement also provided for the payment of a break fee on exercise of pre-emption by the existing partners and it has now been agreed between the parties that the seller will pay, and Gasol will accept, a break fee of $1.8 million.
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