(Ecofin Agency) - Azonto Petroleum Ltd, an oil and gas company listed in London, announced on 21 August having completed, following approval by its shareholders on 17 August, the sale of its indirect equity in Vioco Petroleum Ltd for USD 4 million to Vitol E&P Ltd.

The transaction concerns Azonto’s 35% shares in Vioco which itself holds 87% of the CI-202 block in Côte d'Ivoire. This favours Vitol E&P which shareholding moves from 65% to 100% in Vioco Petroleum Ltd.

The oil company clarifies that the associated sale of its equipment of head of well, scheduled for an additional amount of USD 1.1 million, is not yet completed, due to conditions precedent to be met at the latest by the beginning of November by the buyer. Based on the terms of the sale contract, the company will receive USD 2 million from Vitol in the event that the exploratory well, which should be drilled in October 2015 on the block, results in the discovery of commercially viable hydrocarbons.

The CI-202 block is located on the offshore about 30km South-East of Abidjan and covers an area of 707 km2 in a zone where the water level varies between 20 and 10,000 m. Five discoveries of gas and oil were already made there.