Harvest Natural Resource says that its wholly-owned subsidiary, HNR Global Holding B.V. has entered into exclusive negotiations with Vitol S.A.(Vitol), to sell the Company's 66.667 percent interest in the Dussafu Marine Permit PSC, offshore Gabon for $137.0 million in cash. Net proceeds from the sale are estimated to be approximately $123.0 million after deductions for transaction related costs and taxes. The effective date of the transaction will be October 1, 2013, and will be subject to agreed adjustments.
Harvest has agreed to negotiate exclusively with Vitol for a specified period to reach a definitive purchase and sale agreement. There can be no assurance that these negotiations will result in the proposed transaction or any other transaction for the sale of Dussafu.
The closing of the proposed transaction would be subject to, among other things, approval by the Government of Gabon and the boards of directors of both the Company and Vitol.