Soco Intl to sell majority stake in Soco Cabinda.
25 September 2012 - UK oil and gas company Soco International plc (LON:SIA) unveiled on Tuesday a conditional agreement to sell its 80% stake in subsidiary Soco Cabinda Limited.
The buyer is Quill Trading Corporation, which owns the remaining 20%, the vendor said. Soco Cabinda, which had gross assets of USD32.5m (EUR25.2m) as at 30 June 2012, holds a 17% interest in the Cabinda North Block, onshore the Angolan enclave of Cabinda.
As part of the deal, Quill has the option to acquire the majority stake within 120 days. Soco has already received an unspecified non-refundable deposit from the buyer, it said.
The disposal is seen to be in the best interests of its shareholders, Soco said. It is also in line with the companya[euro](tm)s strategy to concentrate its portfolio on higher-impact projects where it holds larger equity interests, as well as to add new value-creating ventures, Ed Story, president and CEO of Soco, commented.
London-based Soco International specialises in oil and gas exploration and production. Besides its interest in Angola, which is being sold, the company also has interests in Vietnam, Brazzaville in the Republic of Congo and in Kinshasa in the Democratic Republic of Congo. Its production operations are located in Vietnam.Country: AngolaSector: Petroleum/Natural Gas/CoalTarget: Soco Cabinda LimitedBuyer: Quill Trading CorporationVendor: Soco International plcType: DivestmentStatus: Agreed