King & Wood Mallesons is advising Oil Search (ASX:OSH), Australia’s fourth-largest oil and gas producer, on its acquisition from Singapore based Pacific LNG of a 23% stake in the Elk / Antelope gas fields in PNG. Oil Search will pay US$900 million for the stake, plus a possible contingent payment based on later resource certification.
This is a strategic acquisition for Oil Search in line with its expansion and diversification strategy. The investment will give Oil Search significant access to the largest undeveloped gas resource in PNG with significant exploration opportunities and expands Oil Search’s portfolio to complement its existing assets and operations in PNG.
With extensive interests both in the Highlands and Western Province and now in the Gulf basin, this acquisition reinforces Oil Search’s position as PNG’s pre-eminent independent oil and gas exploration and production company.
The acquisition will be funded by a fully paid share placement to the PNG Government.
The King & Wood Mallesons team was led by Partner Adrian Perkins who was supported by Adrian Slack, James Slimnicanovski and Posman Kua Aisi, King & Wood Mallesons’ affiliate firm in PNG.
“We are pleased to have supported Oil Search on this significant cross border transaction. It will allow them to participate in the development of a world class resource into a commercial operation and pursue further LNG expansion opportunities in PNG,” said Perkins.
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