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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pjsc Lukoil | LSE:LKOH | London | Ordinary Share | RU0009024277 | ORD RUB0.025 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.2184 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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)
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