Tuesday 2 October 2018

ConocoPhillips announced it has entered into an agreement to sell to the government of Timor-Leste its 30 percent interest in the Greater Sunrise Fields. The total sales price of the transaction, which is conditioned on the government receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights, is for $350 million, prior to customary adjustments. Proceeds from this transaction will be used for general corporate purposes.

The transaction is subject to certain conditions precedent being satisfied, including funding approval from the government of Timor-Leste, regulatory approvals and partner pre-emption rights. It is expected to close in the first quarter of 2019.