Scandoil  

Repsol and Armstrong restructure Alaska project


Published Oct 15, 2015
Repsol

Repsol and privately held Armstrong have reached an agreement to strategically re-align their interests in their Alaska North Slope exploration and development venture. The confidential agreement includes a combination of cash, operational control, drilling commitments and contractual adjustments for monetary considerations in excess of $800 million.

Per the restructured agreement, Armstrong has acquired a 15% working interest (to add to its 30%) in the initial development area near the Colville River Delta where the majority of exploratory and appraisal drilling activities have been carried out. In addition, Armstrong has the option of acquiring an additional 6% and assuming operatorship in the development area. Armstrong also acquired a 45% working interest (to add to its 30%) and operatorship in the jointly-owned exploratory lands (750,000+ acres). It is anticipated that Armstrong, after exercising its 6% option, will own 51% and Repsol 49% in the development area, and Armstrong 75% and Repsol 25% in the exploration area. As part of this agreement, the previously planned 2015-16 winter appraisal drilling campaign has been deferred.

Tags: Repsol




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml