According to the statement, the total sales price of the transaction, which is conditioned on the government receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights, is for US$350 million, prior to customary adjustments. ConocoPhillips claims that proceeds from this transaction will be used for general corporate purposes.
Matt Fox, Executive Vice President, Strategy, Exploration and Technology, said: “We are pleased to reach an agreement mutually beneficial to the government of Timor-Leste and ConocoPhillips.
“ConocoPhillips has a long history in Timor-Leste through our operated interest in the Bayu-Undan field. Although we differ with the government on its proposed development plan for Sunrise, we recognise the importance of the field to the nation of Timor-Leste, and the sale of our interest to the government gives them a working interest in this important development.”
ConocoPhillips claims that the transaction is subject to a number of conditions precedent being satisfied. These include funding approval from the government of Timor-Leste, regulatory approvals and partner pre-emption rights. It is expected to close in 1Q19.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02102018/conocophillips-to-sell-interest-in-greater-sunrise-fields-to-timor-leste/