Petroleum Africa
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Monday, May 2, 2011
ROC Oil has sold its remaining 10% stake its block onshore Angola. The company’s subsidiary, Lacula Oil Co. Ltd., has agreed to sell its remaining 10% interest in the Cabinda Onshore South Block to Pluspetrol Angola Corp.
Under the sale agreement Pluspetrol will pay ROC $5 million subject to working capital adjustments. The effective date of the sale was April 1, 2011.
The agreement is subject to normal industry terms and conditions, including the notification of the joint venture and receipt of relevant government approvals.
Commenting on the sale, ROC’s CEO Alan Linn, stated: "ROC’s strategy is to generate future growth through exploration, appraisal and pre-development opportunities located in a focus region that includes China, South East Asia and Australasia. The nature of the interest in the Cabinda Onshore South Block is not consistent with this strategy. The sale of this asset will allow ROC to redeploy capital and resources to pursue opportunities more consistent with the company’s strategy. ROC will continue to pursue the divestment of its other African assets, which are located offshore in Mauritania, Equatorial Guinea and the Mozambique Channel."
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