30th Mar 2005 17:28
BG GROUP plc30 March 2005 MediaInformation30 March 2005 BG Group to complete the disposal of interests in North Caspian PSA BG Group has announced that the outstanding conditions relating to the sale ofits entire 16.67 per cent interest in the North Caspian Production SharingAgreement (NCPSA) have today been satisfied. BG Group therefore expects tocomplete the sale to pre-empting partners Eni, ExxonMobil, Royal Dutch Shell,Total and ConocoPhillips on 6 April 2005. At completion, BG Group will receive an aggregate pre-tax cash consideration ofapproximately $US1.8 billion. This consideration includes adjustments toreimburse BG Group for its NCPSA expenditures from the economic effective dateof 1 January 2003 to completion. -ends- Notes to Editors: The NCPSA licence area, all of which is offshore in the Republic of Kazakhstan'ssector of the Caspian Sea, includes the Kashagan field and the recentdiscoveries on the Kalamkas, Kairan, Aktote and Kashagan South West parts of thelicence area. In March 2003, BG Group announced the sale of its 16.67 per cent interest in theNorth Caspian Production Sharing Agreement (NCPSA) to CNOOC North Caspian SeaLimited and Sinopec International Petroleum Exploration and ProductionCorporation. Subsequently, five of the six partners in the NCPSA exercised their pre-emptionrights in May 2003; BG executed SPAs with the pre-empting partners in September2003. The Republic of Kazakhstan and partners announced the approval of the KashaganDevelopment Plan and Budget in February 2004. BG Group is a global natural gas business. Active on five continents in over 20countries, it operates four business segments - Exploration & Production,Liquefied Natural Gas, Transmission & Distribution and Power Generation. Enquiries: Media +44 (0) 118 929 3717Out of hours media mobile: +44 (0)7917 185707Investors +44 (0) 118 929 3025 Website: www.bg-group.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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