PJSC LukOil Contract (4148B)
June 06 2019 - 7:30AM
UK Regulatory
TIDMLKOD
RNS Number : 4148B
PJSC LukOil
06 June 2019
LUKOIL ENTERS HYDROCARBON PRODUCTION PROJECT
IN THE REPUBLIC OF CONGO
PJSC LUKOIL concludes an agreement with New Age M12 Holdings
Limited to acquire a 25% interest in the Marine XII license in the
Republic of Congo for $800 mln in cash. The transaction is subject
to customary conditions, including the approval by the government
of the Republic of Congo.
The Marine XII license covering 571 sq. km is located on the
continental shelf of the Republic of Congo 20 km from the shore
with the sea depth of 20-90 meters. The license covers five
discovered fields containing 1.3 billion barrels of oil equivalent
of proved and probable (2P) reserves according to international
independent auditor. Two fields, Nene and Litchendjili, launched in
2015, currently produce 28 thousand barrels of oil (mainly light
and low-sulfur) and gas condensate per day, and 1.7 million cubic
meters per day of marketable gas.
The Marine XII license is based on a production sharing
contract. Eni is the project's operator with a 65% stake. The
project also involves the state company Société Nationale des
Pétroles du Congo with a 10% stake.
"Entering this project is in line with our M&A strategy. The
project is characterized by explored reserves, substantial
production growth potential, access to well-developed
infrastructure and it also fits our technological expertise. On top
of that, the project is already free cash flow positive. We are
also pleased to expand our partnership with Eni that is
well-experienced in international offshore projects and known for
its successful footprint in the region", said Vagit Alekperov,
President of PJSC LUKOIL.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
CNTEAAKKEEANEFF
(END) Dow Jones Newswires
June 06, 2019 08:30 ET (12:30 GMT)
Pjsc Lukoil (LSE:LKOH)
Historical Stock Chart
From Apr 2024 to May 2024
Pjsc Lukoil (LSE:LKOH)
Historical Stock Chart
From May 2023 to May 2024
Real-Time news about Pjsc Lukoil (London Stock Exchange): 0 recent articles
More Pjsc Lukoil News Articles