ConocoPhillips Announces Intended Sale of Exploration Blocks Offshore Senegal
14 July 2016 - 8:20AM
Business Wire
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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About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P
company based on production and proved reserves. Headquartered in
Houston, Texas, ConocoPhillips had operations and activities in 21
countries, $20 billion in annualized revenue, $100 billion of total
assets, and approximately 15,600 employees as of March 31, 2016.
Production, excluding Libya, averaged 1,578 MBOED for the three
months ended March 31, 2016, and proved reserves were 8.2 billion
BOE as of Dec. 31, 2015. For more information, go to
www.conocophillips.com.
CAUTIONARY STATEMENT FOR THE PURPOSES
OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
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company expresses an expectation or belief as to future results,
such expectation or belief is expressed in good faith and believed
to have a reasonable basis. However, there can be no assurance that
such expectation or belief will result or be achieved. The actual
results of operations can and will be affected by a variety of
risks and other matters including, but not limited to, changes in
commodity prices; changes in expected levels of oil and gas
reserves or production; operating hazards, drilling risks,
unsuccessful exploratory activities; difficulties in developing new
products and manufacturing processes; unexpected cost increases;
international monetary conditions; potential liability for remedial
actions under existing or future environmental regulations;
potential liability resulting from pending or future litigation;
limited access to capital or significantly higher cost of capital
related to illiquidity or uncertainty in the domestic or
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international economic and political conditions; as well as changes
in tax, environmental and other laws applicable to our business.
Other factors that could cause actual results to differ materially
from those described in the forward-looking statements include
other economic, business, competitive and/or regulatory factors
affecting our business generally as set forth in our filings with
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ConocoPhillips undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160713006566/en/
ConocoPhillipsEmma Duffin, 281-293-5383
(media)emma.duffin@conocophillips.comorSidney J. Bassett,
281-293-5000 (investors)sid.bassett@conocophillips.comorVladimir R.
dela Cruz, 281-293-5000
(investors)v.r.delacruz@conocophillips.com
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