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BHP into 9/4, page-61

  1. 5,725 Posts.
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    Hi Mike,

    This is the funny part. Did Conoco make a mistake is their declaration of sale? If all notification was similar to JV partners, can they now say "sorry there are hidden conditions". why even say subject to PE iF you don't include everything? Here is the public release again:

    NEWS RELEASE
    July 13, 2016
    ConocoPhillips Announces Intended Sale of Exploration Blocks Offshore Senegal
    HOUSTON – ConocoPhillips (NYSE: COP) today announced it has entered into an agreement to sell its 35
    percent interest in three exploration blocks offshore Senegal, which include the SNE and FAN discoveries. The
    agreement, which is through subsidiaries of ConocoPhillips and Australia’s Woodside Petroleum Ltd. (ASX:
    WPL), is for $350 million plus net customary adjustments of approximately $80 million. The transaction is
    subject to approval of the Government of Senegal and co-venturer preemption rights.
    “This is an important milestone for ConocoPhillips as we progress our phased exit from deepwater exploration in
    West Africa,” said Matt Fox, executive vice president, Strategy, Exploration and Technology. “I want to thank our
    joint venture partners for their collaboration and contributions during the exploration and appraisal phase of this
    project.”
    The three offshore exploration blocks, Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore,
    had a net carrying value of approximately $250 million as of May 31, 2016. The transaction is anticipated to
    close by year-end 2016.
 
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