Soco sells Angolan assets for $5m

Industry news

London-based Soco International said today that it had agreed to sell its assets in Angola for $5 million.

The buyers are Quill Trading Corporation and WMLC Resources.

Soco’s 85%-owned-subsidiary, Soco Cabinda, holds a 22%, non-operating, working interest in the PSC for the Cabinda North Block in the Angolan Cabinda enclave.

Soco chief executive Ed Story said: “The sale of Soco’s interests in the Cabinda North Block further demonstrates our commitment to portfolio rationalisation, which forms a key part of the group’s strategy.

“This transaction completes our previously announced plans to divest from all our current African interests. We look forward to the future and continue to assess new opportunities to further grow and strengthen the business”. 

Last week Soco agreed to sell its Congolese assets.

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