Petroleum Africa
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Thursday, February 20, 2014
Gasol reported that further to the conditional SPA it entered into with GDF Suez E&P International to acquire a 12% stake in Cote d’Ivoire’s Block CI-27 through the acquisition of 100% of the issued share capital of Energie de Cote d’Ivoire (Enerci), it was informed on February 18 that the seller has received exercising notices in relation to the existing CI-27 Block partners’ pre-emption rights. The relevant condition in the SPA cannot therefore be satisfied and, accordingly, the acquisition will not proceed.
Gasol entered into a conditional SPA near the end of with the seller to acquire its interest in Block CI-27 in Cote d’Ivoire. In support of the acquisition Gasol entered into a financing facility provided by Deutsche Bank. On signing the financing facility agreement and in accordance with the terms of the SPA, Gasol paid the Seller a deposit of $2 million. Following the exercise of pre-emption by the existing partners the Seller will, in accordance with the terms of the SPA, return the deposit within five business days. In addition to the return of the deposit and in accordance with the SPA, the Seller is required to pay Gasol a break fee of $2,000,000. Such fee is payable upon completion of the transfer to the pre-empting parties.
Alan Buxton, Gasol’s COO, said: “We are obviously disappointed to have been pre-empted on this acquisition but nonetheless feel encouraged that in pursuit of our strategy to develop gas markets in West Africa we were able to identify, assess and bid successfully on what is clearly an attractive asset. We secured financing in a difficult market and ultimately the fact that all existing partners pre-empted demonstrated we had clearly identified a good transaction. We will continue to evaluate opportunities in West Africa, and Cote d’Ivoire in particular, in an ongoing pursuit of our strategy.”
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