2nd Jul 2018 09:18
LONDON (Alliance News) - Oil and gas company SOCO International PLC said on Monday it has entered a sale and purchase agreement with Quill Trading Corp and WMLC Resources Ltd to sell its entire 85% interest in SOCO Cabinda Ltd for USD5 million.
SOCO Cabinda currently holds a 22% working interest in the production sharing contract for the Cabinda North Block, onshore Angola.
Completion of the transaction is conditional on customary approvals, and has a long stop date of July 31.
"The sale of SOCO's interests in the Cabinda North Block further demonstrates our commitment to portfolio rationalisation, 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," said President and Chief Executive Officer Ed Story.
Shares in SOCO International were down 0.2% at 96.20 pence on Monday.
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