SHARE

Harvest Natural Resources Inc.has stated that their subsidiary,  HNR Global Holding BV, has begun exclusive discussions for sale of a two-thirds interest in the Dussafu Permit offshore Gabon.

HNR Global is negotiating with Vitol SA for a $137 million all-cash sale. After deductions for transaction costs and taxes, net proceeds would be about $123 million.

The permit is held under a production-sharing contract.

To date Harvest has made two presalt discoveries in Gabon with the Dussafu Permit, located at Tortue and Ruche.

The company has  described the finds as “ready for development”.

In West Africa, Vitol now holds offshore interests in Ivory Coast, Ghana, Nigeria, Cameroon, and Congo.