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Oil Search Announces PRL 3 Letter of Intent Executed

16 May 2019  |  09:52:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: PRL 3 Letter of Intent Executed

Oil Search announced PRL 3 letter of intent executed. The PRL 3 JV signed a binding letter of intent (LOI) with Santos, which sets out the terms by which Santos will purchase a 14.32% equity interest in PRL 3, containing the P'nyang gas field, from the existing participants. Under the LOI, it will sell 1.65% (pre-State back-in) for a total consideration of US$21.6m. The signing of this LOI is an important step in creating alignment between the PNG LNG Project and the PRL 3 JV, ahead of FEED entry for the planned three train expansion at the PNG LNG plant site. Two of the proposed new trains will be underpinned by gas from the Elk-Antelope fields and one train by gas from the PNG LNG Project and the P'nyang field.

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