28th Sep 2018 11:08
LONDON (Alliance News) - Soco International PLC on Friday said it HAS agreed to extend the sale date for its 80% stake in SOCO Cabinda Ltd to Friday next week.
In July, the oil & gas exploration company entered a sale and purchase agreement with Quill Trading Corp and WMLC Resources Ltd to dispose of its entire interest in the Angolan subsidiary for USD5 million.
SOCO Cabinda currently holds a 22% working interest in the production sharing contract for the Cabinda North block, onshore Angola.
Soco International confirmed all substantive conditions precedent to the transaction have been irrevocably satisfied or waived, but the parties need an extra time to "undertake the necessary mechanics" to complete the acquisition.
Shares in Soco International were trading 2.8% higher on Friday at 87.70 pence each.
Related Shares:
Soco International