Petroleum Africa
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Thursday, November 21, 2013
Harvest Natural Resources (HNR) revealed that negotiations toward definitive agreements with Vitol for the sale of its 66.667% stake in Gabon’s Dussafu Marine Permit PSC have been terminated. HNR said that the two parties had failed to reach definitive agreements to allow the sale to go forward.
James A. Edmiston, president and CEO of Harvest, said: “In spite of our best efforts, we were unable to reach an agreement on the terms of a transaction with Vitol that would meet Harvest’s requirements on timing and certainty. As evidenced by Gabon’s recent deepwater bid round, industry interest is very high in the Gabonese deepwater area. We have just completed our 1,130 sq km 3D seismic acquisition covering Harvest’s discoveries as well as the highly prospective outboard area of the block. Our discoveries on the block, our substantial prospect inventory, and the excellent prospectivity of our outboard area should continue to draw substantial industry interest.”
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