Petroleum Africa
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Tuesday, June 26, 2018
Soco International has sold off the entire holding in its Republic of Congo (ROC) subsidiary, Soco Congo. The company signed and completed a sale and purchase agreement (SPA) with Coastal Energy Congo.
Under the SPA Soco will receive a cash consideration of up to $10 million and an overriding royalty on future oil and condensate production. For its money Coastal will receive Soco’s interests held indirectly by SOCO Congo which are comprised of a 40.39% operated interest in each of the Lidongo, Viodo, Lideka and Loubana exploitation permits within the former Marine XI Block.
Ed Story, President and CEO of Soco, commenting on the sale said, “I am delighted that the agreement for the sale of SOCO’s Congo (Brazzaville) interests has been signed. In January 2018 the Company announced that its assets in Africa were no longer a core strategic priority, and this is a step that will deliver an exit from a material portion of the non-core African business. The Company continues to focus on creating value from the core Vietnam portfolio and on evaluating acquisition opportunities in a disciplined manner to grow and refocus our business in line with the strategy that we have outlined to the market.”
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