Devon to sell Cote d'Ivoire assets

Devon Energy Corp. has agreed to sell its oil and gas business in Cote d'Ivoire to Afren for $205 million, subject to government approval.

Offshore staff

OKLAHOMA CITY -- Devon Energy Corp. has agreed to sell its oil and gas business in Cote d'Ivoire to Afren for $205 million, subject to government approval.

The assets include Devon's interests in offshore producing block CI-11, offshore undeveloped block CI-01, and the onshore Lion gas processing plant. Devon's current net production from Cote d'Ivoire is approximately 3,000 boe/d.

The agreement is expected to close in 2Q 2008.

"This agreement with Afren brings us a step closer to completing our planned divestitures in Africa," says John Richels, Devon's president. "We have now announced transactions totaling more than $785 million. Negotiations are under way for the remaining properties, and we remain optimistic that we can complete all the sales mid year."

03/06/2008

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