Talisman Energy has reported substantial progress in obtaining the necessary approvals from the Government of Sudan and other consortium members for the sale of its indirectly held interest in the Greater Nile Oil Project to ONGC Videsh for $1.2 billion.
This past November, Talisman entered into a definitive agreement for the sale of interest in the Greater Nile Oil Project in Sudan to ONGC Videsh, a subsidiary of the Oil and Natural Gas Corporation, India's national oil company.
The Government of Sudan has given consent and approval in principle and stated its support of the sale to ONGC Videsh. Since all requisite consents and approvals have not yet been obtained, the sale will not be completed by January 31 as previously anticipated. Active discussions with the Government of Sudan and the other consortium members concerning the remaining consents and approvals continue.
Canada’s Talisman acquired a 25 percent interest in the Greater Nile Oil Project in October 1998 through the acquisition of Arakis Energy for approximately 8.9 million common shares of Talisman. Based on the company’s share price at the time, the purchase price for Arakis was approximately 278 million Canadian dollars. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
