SOCO North Africa Limited, a 100 percent owned subsidiary of SOCO International, and Oilinvest of the Netherlands have signed a Heads of Agreement (HOA) with Joint Stock Bank of the Gas Industry Gazprombank to acquire the entire issued share capital of OILSOC Investment Company Limited, currently owned by Oilinvest (55 percent) and SOCO NA (45 percent).
OILSOC's assets consist entirely of its 20 percent shareholding in ODEX Exploration Limited, a specific purpose upstream joint venture formed by Oilinvest and SOCO NA to identify, develop, produce and market hydrocarbon opportunities in Libya and other countries.
Under terms of the HOA, SOCO NA would receive $2.45 million for its net interest in OILSOC. Following completion of the transaction, the ODEX shareholders will be Oilinvest (46 percent), SOCO NA (34 percent) and Gazprombank via its OILSOC purchase (20 percent).
The transaction is subject to formal documentation and approval by the necessary regulatory authorities amongst other things.
Ed Story, President and Chief Executive of SOCO, commented: "We are very pleased to have Gazprombank join the ODEX joint venture. We believe that their expertise in gas handling and production will be invaluable to the group. We also believe that the relationships and financial capability they add to ODEX will only improve an already formidable consortium."
SOCO is an international oil and gas exploration and production company, headquartered in London. The Company has interests in Vietnam, Mongolia, Yemen, Libya, Tunisia, and Thailand with production operations in Yemen, Tunisia and Mongolia. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
