Johannesburg, South Africa – Sasol confirms that it has completed the divestment of the 27.75% non-operated interest in the Etame Marine Permit (EMP) to VAALCO Gabon S.A. (VAALCO) on 25 February 2021 after completion of all legal and regulatory closing conditions.

Subsequent to concluding the Sale and Purchase Agreement with VAALCO in November 2020 to divest both the EMP and DE-8 Permit, Perenco has exercised its pre-emptive right to acquire Sasol’s interest in the DE-8 permit. This transaction will now be concluded separately and not form part of the acquisition by VAALCO as previously announced. 

The economic effective date of the divestment of EMP was agreed as 1 July 2020 for a total cash consideration of US$44 million. Under the terms of the agreement, a contingent payment of US$5 million will be payable to Sasol by VAALCO if Brent oil pricing averages greater than US$60 per barrel for 90 consecutive days during the period between 1 July 2020 and 30 June 2022 (inclusive).