RTTNews | Dec 8, 2021 09:40AM EST

09:40 Wednesday, December 8, 2021 (RTTNews.com) - ConocoPhillips (COP) agreed to sell Indonesia Assets for $1.355 billion and has provided notice that it is exercising its preemption right to purchase up to an additional 10% shareholding interest in Australia Pacific LNG.

ConocoPhillips noted that it has reached deal to sell the subsidiary that indirectly owns the company's 54% interest in the Indonesia Corridor Block Production Sharing Contract (PSC) and a 35% shareholding interest in the Transasia Pipeline Company. The sale to MedcoEnergi for $1.355 billion is subject to customary adjustments and is expected to close in early 2022.

In addition, ConocoPhillips said that it has notified Origin Energy that it is exercising its preemption right to purchase up to an additional 10% shareholding interest in Australia Pacific LNG (APLNG) from Origin Energy for up to $1.645 billion, which will be funded from cash on the balance sheet, subject to customary adjustments.

The ConocoPhillips subsidiary currently holds a 37.5% APLNG shareholding interest and would own 47.5% of APLNG upon closing if the other relevant APLNG shareholder does not exercise its preemption rights. The transaction is expected to close in the first quarter of 2022.

Read the original article on RTTNews ( https://www.rttnews.com/3247816/conocophillips-to-sell-indonesia-assets-for-1-355-bln-plans-to-buy-up-to-addl-10-stake-in-aplng.aspx)

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