UK oil group Gasol has missed out on a £70million bid to move into the Ivory Coast after the site’s existing partners refused to support the deal.
Gasol had agreed a deal with GDF Suex to take on a 12% stake in the block in the Ivory Coast basin, part of a field producing 137million square feet of gas and around 1000 barrels of oil a day.
The deal was dependent on the other partners in the block – Foxtrot International, Ivory Coast state petrol firm Petroci and Saur Energie – waving their pre-emption rights.
But now it has emerged the partners have pre-empted the sale, leaving Gasol empty handed.
“We are obviously disappointed to have been pre-empted on this acquisition but nonetheless feel encouraged that in pursuit of our strategy to develop gas markets in West Africa we were able to identify, assess and bid successfully on what is clearly an attractive asset,” said chief operating officer Alan Buxton.
“We secured financing in a difficult market and ultimately the fact that all existing partners pre-empted demonstrated we had clearly identified a good transaction.
The firm said it would continue to look for opportunities in the Ivory Coast despite failing to secure a share in the block. It has received its $2million deposit back and a $2million break fee.