Azonto Petroleum Shares To Cease Trading After Sale Of Stake In Vioco

LONDON (Alliance News) - Azonto Petroleum Ltd Friday said that it has completed the sale of its indirect shareholding in Vioco Petroleum Ltd to Vitol E&P Ltd for USD4 million, and that its shares will stop trading on AIM now.

The sale of associated wellhead drilling equipment for an additional USD1.1 million has not yet completed and remains subject to satisfaction of certain conditions prior to November 7, the company said, adding that it may also receive a further USD2 million for the sale of shares in Vioco on the occurrence of a hydrocarbon, payable within 10 business days of a hydrocarbon discovery.

Following completion of the sale, Azonto's cash and cash equivalents is approximately USD4.8 million.

Azonto added that Managing Director Gregory Stoupnitzky will step down from the company on September 17.

Shares in Azonto will cease trading on AIM on Friday, a move it announced it would make in July after agreeing to sell Vioco, which was its main asset.

By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews

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