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I concur - no rig in the deal. I had some time today and looked...

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szaba_the_hut

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01/04/18

08:02

Post #: 32156146
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Originally posted by SilentPartnr ↑

Page 109 of Woodside's 2016 Annual Report detail what WPL actually paid for Seegal:

"(a) Senegal On 28 October 2016, Woodside completed the acquisition of 100% of the shares in ConocoPhillips Senegal B.V. for a purchase price of US$350 million plus a closing adjustment of US$92 million. The closing adjustment represents reimbursement of ConocoPhillips’ share of net expenditure in the Senegal Joint Arrangement between the effective date, 1 January 2016, and closing. In addition to the purchase cash consideration, transaction costs of US$4 million have been capitalised relating to the acquisition. Under the terms of the Purchase and Sale Agreement, Woodside has acquired a 35% interest in a Joint Operation containing three offshore exploration blocks, which include the SNE and FAN deep water oil discoveries in Senegal."

and

Assets acquired and liabilities assumed
The identifiable assets and liabilities acquired as at the date of the acquisition inclusive of transaction costs were:
Senegal US$m
Exploration and evaluation assets acquired 447
Net other Assets and liabilities acquired (1)
Total identifiable net assets at acquisition 446

Cash flows on acquisition
Senegal US$m
Purchase cash consideration 442
Transaction costs 4
Total purchase consideration 446
Net cash outflows on acquisition 446

Regards

SP

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I concur - no rig in the deal. I had some time today and looked at the detailed COP accounts just now and it seems the Athena rig was excluded from COP Senegal BV sale - COP flagged the termination payment in q1 2017 in their own accounts. Highlighted sections below detail COP profit on sale of COP Senegal BV and loss on termination of rig.

FAR Price at posting: 7.9¢ Sentiment: Hold Disclosure: Held
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Last 51.0¢		Change 0.015(3.03%)		Mkt cap ! $47.12M

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I concur - no rig in the deal. I had some time today and looked...

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