Scandoil  

Gasol update on Energie de Côte d'Ivoire S.A. acquisition


Published May 13, 2014
Gasol Plc

Gasol announced on 19 February 2014 that GDF SUEZ E&P International S.A. (the "Seller") had received exercising notices in relation to the existing CI-27 Block partners' pre-emption rights.

On signing the financing facility agreement and in accordance with the terms of the sale and purchase agreement, Gasol paid the Seller a deposit of US$2,000,000. Following the exercise of pre-emption by the existing partners the Seller has returned the deposit.

The sale and purchase agreement also provided for the payment of a break fee on exercise of pre-emption by the existing partners and it has now been agreed between the parties that the Seller will pay, and Gasol will accept, a break fee of US$1,800,000 in return for immediate payment.

Tags: Gasol Plc




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