Petroleum Africa
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Tuesday, July 3, 2018
Soco International entered into a SPA to sell its total shareholding in Soco Cabinda. The SPA is with Quill Trading Corp. and WMLC Resources and is for a total cash consideration of $5 million.
SOCO’s 85% owned subsidiary SOCO Cabinda, holds a 22%, non-operating, working interest in the PSC for the Cabinda North Block onshore Angola’s Cabinda enclave.
The completion of the SPA is conditional, inter alia, upon receipt of customary approvals. The long stop date for satisfaction or, where applicable, waiver of the SPA conditions is July 31.
Ed Story, President and CEO, commented, “The sale of SOCO’s interests in the Cabinda North Block further demonstrates our commitment to portfolio rationalization, which forms a key part of the Group’s strategy. This transaction completes our previously announced plans to divest from all our current African interests. We look forward to the future and continue to assess new opportunities to further grow and strengthen the business.”
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