Sunbird to sell assets, including Ibhubesi, to South African consortium
South Africa-focused Sunbird Energy has signed a conditional agreement with a South African consortium to divest its noncash assets for A$8.5-million.
The assets include a 74% interest in the Mopane, Springbok Flats and Springbok Flat West coal-bed methane projects, as well as its 76% interest in the offshore Ibhubesi gas project.
The Ibhubesi gasfield, off the Northern Cape coast, is South Africa’s largest undeveloped gas-field, with about 540-billion cubic feet of gas. National oil company PetroSA is Sunbird’s joint venture partner in the project.
In 2015, Sunbird signed a gas sales agreement term sheet with utilities provider Eskom for the supply of 30-billion cubic feet of gas per year for up to 15 years, with Sunbird at the time describ-ing the agreement as a major step towards the commercialisation of the Ibhubesi gasfield.
Sunbird told shareholders this month that the conditional agreement with the South African consortium, which consists of major shareholders and debt holders, included a cash consideration of A$1-million, the buy-back and cancellation of 55-million existing Sunbird shares and the assignment of Sunbird’s A$4.8-million outstanding debt to the purchaser.
The transaction is subject to a number of conditions, including shareholder approval.
A general meeting of Sunbird shareholders will be called in late May.
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