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Thursday, November 21, 2013

Vitol, Harvest end talks on Gabon oil block, (NYSE: HNR)

Commodities trader Vitol and Harvest Natural Resources have ended talks over the sale of Harvest's $137 million stake in a Gabon oil licence, the U.S. oil company said this week without giving a reason. Like rival trader Glencore Xstrata, Vitol has been seeking to expand its holdings in oil production and exploration as part of a quest for physical assets.Africa, and especially the Gulf of Guinea, has so far been one of the main areas of expansion for traders. Vitol already has assets in Ghana and Ivory Coast."In spite of our best efforts, we were unable to reach an agreement on the terms of a transaction with Vitol that would meet Harvest's requirements on timing and certainty," Harvest Chief Executive James Edmiston said in a statement.The two parties were in exclusive talks on the sale of a 67 percent stake in the Dussafu Marine Permit PSC as the Texas-based oil company sought to boost liquidity.

Harvest Natural Resources, Inc. is a petroleum exploration and production company engaged in the exploration, development and production of properties in geological basins with proven active hydrocarbon systems. Shares of HNR remained unchanged at $3.45. In the past year, the shares have traded as low as $2.45 and as high as $10.83. On average, 738589 shares of HNR exchange hands on a given day and today's volume is recorded at 0.