MADRID (dpa-AFX) - Oil Search Ltd. has decided to exercise the remaining Armstrong/GMT option for $450 million. To ensure funding, the Group plans to arrange $300 million of additional credit lines.
Oil Search said it expects to restart a divestment process for some of its interests in the Alaskan portfolio. The Group intends to retain approximately 35% interest in its core assets.
Also, Oil Search and Repsol have agreed to align their ownership interests in all co-owned Alaskan leases. Oil Search will now hold 51% interest and Repsol 49% interest, for a payment from Repsol of $64.3 million. Oil Search will continue as operator of the leases.
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