Harvest negotiating sale of Gabon interest

Harvest Natural Resources Inc., already in negotiations for a restructuring of ownership, said a wholly owned subsidiary has begun exclusive discussions for sale of a two-thirds interest in the Dussafu Permit offshore Gabon (OGJ Online, Feb. 11, 2013).

The subsidiary, HNR Global Holding BV, is negotiating with Vitol SA for a $137 million 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.

Harvest has made two presalt discoveries on the block, Tortue and Ruche, and describes them as ready for development.

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

Separately, Harvest Natural Resources is in exclusive negotiations with Pluspetrol SA, Buenos Aires, for a deal in which Pluspetrol would acquire Harvest’s Venezuelan interests and Harvest’s other assets would form the basis of a new company to be spun off to shareholders (OGJ Online, Sept. 11, 2013).

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