News: OSH Oil Search Approved Entry Into Feed Phase Of Pikka Unit Development On North Slope Of...

Dec 18 (Reuters) - Oil Search Ltd (OSH) :

• OIL SEARCH BOARD HAS APPROVED ENTRY INTO FEED PHASE OF PIKKA UNIT DEVELOPMENT ON NORTH SLOPE OF ALASKA
• LOCAL GOVERNMENT NORTH SLOPE BOROUGH ASSEMBLY HAS APPROVED OIL SEARCH'S MASTER PLAN FOR PIKKA DEVELOPMENT PROJECT AND RE-ZONING
• FINAL INVESTMENT DECISION (FID) FOR PIKKA UNIT DEVELOPMENT IS CURRENTLY EXPECTED TO OCCUR IN Q3 OF 2020
• HAS COMMENCED A DIVESTMENT PROCESS FOR UP TO 15% OF CO'S EXISTING 51% IN PIKKA UNIT AND ADJACENT EXPLORATION LEASES
• OIL SEARCH WILL RETAIN OPERATORSHIP OF ALL AREAS FOLLOWING PLANNED DIVESTMENT OF THE STAKE IN PIKKA UNIT
• OIL SEARCH'S 2019/2020 WINTER EXPLORATION AND CONSTRUCTION ACTIVITIES ON NORTH SLOPE ARE PROGRESSING WELL
• CO WAS SUCCESSFUL BIDDER FOR 39 STATE OF ALASKA LEASE TRACTS IN DEC 2019 LEASE SALE, WITH A TOTAL BID COST OF US$5.7 MILLION