Harvest to Unload Vene Assets

Harvest Natural Resources has received a $400m offer for its 32% stake in Venezuela’s Petrodelta from Argentina’s Pluspetrol, it says. In the deal, Harvest would sell its 80% interest in Harvest-Vinccler Dutch Holding (HVDH). Harvest would sell 29% of HVDH immediately for $125m, and sell the remaining 51% for $275m during 1H2014. The US E&P operator plans to use proceeds to pay off long-term debt and for working capital. The deal is subject to the negotiation of definitive agreements between the two firms, as well as approval from stockholders and the Venezuelan government.