Sequa Petroleum N.V. Acquisition Update

Sequa Petroleum N.V. has announced a halt in progress regarding its acquisition activities. The planned acquisition involved Namcor E&P obtaining interests in Angola's Block 15/06, Block 23, and Block 27 from Sonangol P&P. The company cites reasons unrelated to Sungara or Sequa Petroleum for the cessation of the transaction.

If the acquisition does not proceed, Sungara and Sequa Petroleum's economic interests in the venture will nullify. However, Sungara has refunded Sequa Petroleum's contribution, less costs, resulting in a repayment of USD 6.6 million to the company. The company remains vigilant, closely monitoring the situation, and is making preparations for its upcoming Annual General Meeting (AGM).