SOCO has agreed to sell its shareholding in SOCO Congo and its associated interests offshore Congo (Brazzaville) to Coastal Energy.
Offshore staff
LONDON – SOCO has agreed to sell its shareholding in SOCO Congo and its associated interests offshore Congo (Brazzaville) to Coastal Energy.
These comprise a 40.39% operated share of the Lidongo, Viodo, Lideka, and Loubana exploitation permits in the shallow-water, former Marine XI block.
The transaction involves a cash consideration of up to $10 million and an overriding royalty on future oil and condensate production from these interests.
Ed Story, SOCO’s president and CEO, said: “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 coreVietnam 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.”
