(Ecofin Agency) - Azonto Petroleum Holdings Ltd, faced with exploration obligations on the CI-202 block in Cote d’Ivoire, decided to sell to Vitol E&P Ltd, for a total amount of US$7.1 million its shares in Vioco Petroleum Ltd as well as some of its drilling equipment in Cote d’Ivoire. A conditional sales agreement was reached and is pending the review from the shareholders, explained on 7 July Azonto Petroleum Ltd, the parent company on London.

This sale will attract an additional financing for the subsidiary which has drilling commitments in an exploratory well in Octobre 2015 on the CI-202 block.

According to the terms of the agreement, Vitol will pay to Azonto, as a first step, US$4 million, then US$1.1 million for the drilling equipment, then US$2 million if the exploration of the well yields commercially viable hydrocarbons.

The transaction covers the 35% shares in Vioco, who owns 87% of the CI-202 block and allows Vitol E&P Ltd to bring its shares from 65% to 100% in Vioco Petroleum.