$TRCH Press release today: Exxon Mobil (NYSE:XOM) is in talks to sell its oil assets in Equatorial Guinea, the country's oil minister says, and might be replaced there by a Russian company. "Fiscal terms [are] not the issue" for XOM in the prospective sale, the minister says; instead, U.S. companies "just want quicker returns" from the Permian Basin. XOM is "providing information to third parties that may have an interest in these assets, but no agreements have been reached and no buyer has been identified." XOM owns an operating stake in the 90K bbl/day Zafiro field, which makes up the bulk of Equatorial Guinea's total oil production. TRCH has 134,000 acres in a single, contiguous block in the Permian Basin where the US companies "just want quicker returns." Waiting.....Anticipating TRCH sale announcement......
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