Guinea Bissau: Sphere sells down


With exploration activity at a standstill due to political instability, London-based Cap Energy has acquired a majority stake in Sphere Petroleum Corporation BVI, which has stakes in offshore blocks 1 and 5B. Parent company Sphere Petroleum QSC will retain a 14% stake in Sphere BVI. Cap, whose shares are listed on London’s ISDX Growth Market, will pay $1.1m and reimburse Sphere’s past costs, up to a total $1.9m.