InterOil Exploration & Production ASA is pleased to announce, that it has signed an agreement with Petropars to sell 10% in the Cabinda North license. The transaction will cover all of InterOil's current commitments, including social contribution in this Block. The final book value of the transaction is a net profit after tax of USD 7 Million. The agreement requires ratification by the board of Petropars within 14 days.
This deal reflects the large potential value in InterOil's West African portfolio, and shows that the company is able to realize values even in the current challenging financial environment.
Marten Rod, the Chairman of the Board of InterOil says:
"We are pleased to announce the sale of parts of our share in Cabinda North. We maintain to have strong focus and interest in Angola, and we will continue to actively participate in the planning and future development of the Cabinda North license. InterOil has chosen to divest in order to prioritize other current financial and operational tasks. The transaction confirms the inherent value of InterOil's oil and gas portfolio, and the ability to create shareholder value through active portfolio optimization."
