Azonto Petroleum announced Friday that it has completed the sale of its 35 percent stake in Vioco Petroleum Limited, to Vitol E&P Limited, for $4 million.
The company announced plans of the sale in July and received shareholder approval on August 17, 2015. Azonto’s sale of associated wellhead drilling equipment in Cote d’Ivoire, for an additional $1.1 million, has not yet been completed. Following the sale, the company's cash and cash equivalents is approximately $4.8 million.
Vioco holds an 87 percent working interest in, and is the operator of, the CI-202 Block in Cote d’Ivoire, within which the Gazelle project is located. Vitol E&P Limited already owned 65 percent of the shares in Vioco, prior to the completion of the deal.
In a previous company release, Azonto claimed that the increased cost growth experienced by the Gazelle project in recent months, which resulted in delays, was one of the reasons for the planned sale of its asset, as was the “increasingly challenging” oil and gas sector environment.
Have a news tip? Share it with Rigzone!
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you