Sirius-Somoil consortium signs SPA to acquire interests in Angolan offshore Blocks
Sirius Petroleum, the Africa focused oil & gas production and development company and its local JV partner, Somoil S.A., the largest privately owned Angolan oil company, announced that the joint Sirius-Somoil consortium, has signed a legally binding Sale and Purchase Agreement (SPA) with Sonangol, Angola’s state-owned oil company, to acquire participating interests of 8.28% and 10% respectively, in the producing Angolan offshore Blocks 18 and 31 and a 25% participating interest in the exploration Block 27, for a total consideration of $335.5m (the Proposed Acquisition).
The Consortium expects that the Proposed Acquisition will be financed through the provision of new debt facilities.
Bobo Kuti, CEO of Sirius: “The acquisition of these interests in such world class producing assets, operated by a supermajor, is in line with our strategy to build a high-quality portfolio of African producing and development assets. We are excited by the long-term growth upside that these assets present and the scale that they bring to the Sirius platform. We have developed a very strong working partnership with Somoil in Angola and look forward to working together as we progress to the completion of this acquisition and to building a significant presence together in Angola.”