23rd Nov 2015 13:50
WASHINGTON (Alliance News) - Noble Energy Inc announced today a farm-out agreement for a portion of its interest in Block 12 offshore Cyprus with BG International. BG is acquiring a 35% interest in Block 12, which includes the Aphrodite natural gas discovery, for total cash consideration of USD165 million. Aphrodite, discovered in 2011, has gross mean natural gas resources of approximately four trillion cubic feet.
The transaction has an effective date of April 1, 2015, and is expected to close before the end of 2015. Noble Energy will maintain operatorship of Block 12 with a 35% interest.
In addition to this transaction, Noble Energy announced the sale of its 47% interest in the Alon A and Alon C licenses offshore Israel, which include the Tanin and Karish fields, to the Delek Group for a total deal value of USD73 million. The divestment of interest in these assets is an important step in fulfilling Noble Energy's obligations under the recently-approved Regulatory Framework in Israel and will simplify the ultimate sale of Tanin and Karish to a third party.
Completion of both transactions are subject to certain regulatory approvals as well as customary closing conditions and adjustments.
Copyright RTT News/dpa-AFX
Related Shares:
BG..L