ConocoPhillips ups Browse basin interests

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.

12/10/2009

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