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ConocoPhillips to sell interest in Greater Sunrise Fields to Timor-Leste

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ConocoPhillips has announced that it has entered into an agreement to sell its 30% interest in the Greater Sunrise Fields to the government of Timor-Leste.

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.

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