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News: FAR Woodside Petroleum Pre-Empts FAR's Sangomar Transaction

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    Dec 3 (Reuters) - Woodside Petroleum Ltd (WPL) :

    • PRE-EMPTS FAR'S SANGOMAR TRANSACTION
    • PAYMENT TO FAR OF US$45 MILLION
    • PARTICIPATING INTEREST IN RSSD JOINT VENTURE WILL INCREASE TO 82% FOR SANGOMAR EXPLOITATION AREA
    • PLAN TO COMMENCE DEVELOPMENT DRILLING NEXT YEAR AS WE PROGRESS PROJECT TO TARGETED FIRST OIL IN 2023
    • TERMS OF CO'S DEAL TO REFLECT REIMBURSEMENT OF FAR'S SHARE OF WORKING CAPITAL, INCLUDING CASH CALLS, FROM 1 JAN 2020 TO COMPLETION
    • TERMS OF CO'S ACQUISITION WILL ALSO REFLECT ENTITLEMENT TO CERTAIN CONTINGENT PAYMENTS CAPPED AT US$55 MILLION
    • DEAL RESULTS IN A STREAMLINED JV WHICH WILL ASSIST IN CO'S TARGETED SELL-DOWN IN 2021
    • GIVEN NOTICE EXERCISING ITS RIGHT TO PRE-EMPT SALE BY FAR TO ONGC OF FAR'S INTEREST IN RSSD JV
 
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