Devon sells Gabon assets

by United Press International

Oklahoma City-based Devon Energy Corp. plans to sell its offshore assets near Gabon.

Devon signed an agreement to sell its offshore oil and gas businesses near Gabon for about $205.5 million.

Devon is waiting for approval of the deal from the Gabonese government but said it expects a closing by the end of 2007.

Some of the offshore assets include fields in the Kowe block, which produces about 3,750 barrels of oil a day, the Agali exploration block and an option to earn an interest in the Gryphon Marin exploration block.

The deal is with Oranje-Nassau Energie B.V., a subsidiary of Oranje-Nassau Groep B.V.

"We ... are very pleased to have reached an agreement on Gabon with Oranje-Nassau," said John Richels, president of Devon. "Negotiations are also under way with potential buyers of the other properties in the West African divestiture package. We now expect to complete the balance of the transactions during the first half of 2008."