Harvest Natural Plans To Sell Its Interest In Dussafu Marine Permit PSC

(RTTNews) - Harvest Natural Resources Inc. (HNR) announced its subsidiary, HNR Global Holding B.V., has entered into negotiations with Vitol S.A., to sell the company's 66.667 percent interest in the Dussafu Marine Permit PSC, offshore Gabon for $137.0 million in cash. Harvest has agreed to negotiate exclusively with Vitol for a specified period to reach a definitive purchase and sale agreement. The company estimates net proceeds to be approximately $123.0 million.

The closing of the proposed transaction would be subject to, among other things, approval by the Government of Gabon and the boards of both companies.