ConocoPhillips (Browse Basin) has exercised its option to acquire an additional 9% interest in exploration permits WA-314-P and WA-315-P from Karoon Gas (Browse Basin).
Offshore staff
VICTORIA, Australia -- ConocoPhillips (Browse Basin) has exercised its option to acquire an additional 9% interest in exploration permits WA-314-P and WA-315-P from Karoon Gas (Browse Basin). Following the transaction, ConocoPhillips will have a 60% stake in the permits, while Karoon Gas will hold the remaining 40%.
As part of acquisition, ConocoPhillips will pay 80% of the next $125 million in joint venture expenditure within exploration permits WA-314-P and WA-315-P.
