Kina Petroleum modifies farm-out

KINA Petroleum has amended the farm-out agreement for the PPL 339 block in Papua New Guinea.

  • Paul Hunt
  • 12 September 2018
  • 04:50
  • News
Kina Petroleum modifies farm-out

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Santos announced an intention to acquire a 20% participating interest in the asset last year, and now the transaction will occur in two phases with Santos obtaining an initial 17.11% stake and a further 2.89% interest upon the spudding of the first well. 
 
Santos will no longer acquire a portion of Kina's remaining well cost carry but will pay $825,000 for the acquisition of the 2.89% interest. 
 

 

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