orangeleader.com (Orange, Texas)

State News

September 30, 2013

Harvest Natural may sell Gabon stake for $137M

HOUSTON — Harvest Natural Resources Inc. is in exclusive talks to sell its stake in Gabon for $137 million.

The Houston-based energy company said Monday that its subsidiary, HNR Global Holding BV, is in negotiations with Vitol SA regarding its approximately 66.7 percent interest in the Dussafu Marine Permit PSC.

Gabon is on the west coast of central Africa. Vitol is an energy trader based in the Netherlands.

Earlier this month Harvest Natural said that it was in exclusive talks to sell its Venezuelan assets to Pluspetrol Venezuela SA for about $373 million. The company said at the time that if it could reach an agreement and complete the sale of its Venezuelan assets that it planned to spin off its non-Venezuelan assets, including its stakes in Gabon, Indonesia, Colombia and China to Harvest shareholders.

Harvest Natural said that net proceeds from the proposed Gabon sale would be about $123 million, excluding transaction related costs and taxes. If a deal is reached, the closing would require the approval of Harvest Natural and Vitol's boards as well as approval from the Gabon government.

Harvest Natural shares rose 7 cents to $5.20 in premarket trading Monday. Its shares have traded in a range of $2.45 and $10.83 over the past 52 weeks.

 

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