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Soco sells up Cabinda stake
25-09-2012 07:52
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The Africa and Vietnam focused oil and gas company, Soco International, has announced it is to sell its subsidiary Soco Cabinda.
Cabinda is the name of an enclave (or more accurately, an exclave) of Angola, separated from the rest of the country by a strip of territory belonging to the Democratic Republic of Congo.
Under the terms of the deal, the buyer, Quill Trading, has paid a non-refundable deposit to Soco for the option to acquire, within 120 days, the entire shareholding in Soco Cabinda.
Quill already has a 20% stake and with the purchase will get full exposure to Soco Cabinda's 17% interest in the so called Cabinda North Block .
Soco says its subsidiary has gross assets of $32.5m.
BS
Cabinda is the name of an enclave (or more accurately, an exclave) of Angola, separated from the rest of the country by a strip of territory belonging to the Democratic Republic of Congo.
Under the terms of the deal, the buyer, Quill Trading, has paid a non-refundable deposit to Soco for the option to acquire, within 120 days, the entire shareholding in Soco Cabinda.
Quill already has a 20% stake and with the purchase will get full exposure to Soco Cabinda's 17% interest in the so called Cabinda North Block .
Soco says its subsidiary has gross assets of $32.5m.
BS
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