The deal follows Woodside’s exercise of its pre-emptive rights announced on 17 August 2020
Woodside Energy (Senegal) B.V. has entered into a binding sale and purchase agreement to acquire Capricorn Senegal Limited’s entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture.
This follows Woodside’s exercise of its pre-emptive rights announced on 17 August 2020.Completion of the acquisition is subject to Government of Senegal approval, Cairn Energy PLC shareholder approval and other customary conditions precedent, and is targeted for Q4 2020.
Following completion, Woodside’s equity interest will increase to approximately 68.33% in the Sangomar exploitation area and to 75% for the remaining RSSD evaluation area. Woodside will remain operator.
Source: Company Press Release