Shell's Onshore Oil Field Sale Worth $1.3B in Nigeria Suffers Setback [Yahoo! Finance]
Pedevco Corp. (PED)
NASDAQ:AMEX Investor Relations:
pacificenergydevelopment.com
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Source: Yahoo! Finance
Shell plc's SHEL deal to sell its onshore Nigerian subsidiary, Shell Petroleum Development Company Ltd ("SPDC"), for $1.3 billion has suffered a setback, with the Nigerian Upstream Petroleum Regulatory Commission ("NUPRC") stating that the future buyer lacked the required qualifications to manage the assets. Overview of SHEL's Divestment Deal SHEL announced its divestment strategy in January 2024, according to which the company had cracked a deal to sell its 15 oil mining leases for onshore and three shallow-water operations, which was held via its Nigerian subsidiary SPDC. The decision to exit was aimed to refocus on more profitable ventures like deep-water offshore fields. However, the deal completion was subject to approvals by the regulatory authorities and certain other conditions, which were recently rejected, citing the Renaissance Group's inability to manage the assets as the reason. The sale agreement stated that there would be a change of ownership only. However, th
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PED
News
- PEDEVCO Corp. (NYSE: PED) is now covered by analysts at StockNews.com. They set a "sell" rating on the stock.MarketBeat
- PEDEVCO Corp. (NYSE: PED) is now covered by analysts at StockNews.com. They set a "sell" rating on the stock.MarketBeat
- PEDEVCO Announces Appointment of New Chief Executive Officer, New Chief Commercial Officer, and Board of Director ChangesAccesswire
- PEDEVCO Corp. (NYSE: PED) is now covered by analysts at StockNews.com. They set a "sell" rating on the stock.MarketBeat
- PEDEVCO Corp. (NYSE: PED) is now covered by analysts at StockNews.com. They set a "sell" rating on the stock.MarketBeat
PED
Earnings
- 11/14/24 - Beat
PED
Sec Filings
- 12/20/24 - Form 8-K
- 12/20/24 - Form 424B5
- 12/11/24 - Form 8-K
- PED's page on the SEC website