Cap set to join hunt offshore Guinea-Bissau

Cap Energy has agreed to acquire majority shares in Sphere Petroleum.

Offshore staff

LONDON --Cap Energy has agreed to acquire majority shares in Sphere Petroleum.

Sphere holds interests in two exploration licenses offshore Guinea-Bissau in block 1 (Corvina) and block 5b (Becuda).

Assuming completion of the acquisition, expected by end-March, Cap will pay $1.1 million in three installments, and up to $1.9 million more to cover Sphere’s past costs of and continuing obligations in respect of these licenses.

3/7/2013

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