Oil Search Limited
(ASX:OSH) has entered into a 30% interest purchase agreement with ExxonMobil.
The oil and gas explorer and developer inked the deal with ExxonMobil to buy the 30% interest in five licenses.
The licenses are in the Eastern Foldbelt of Papuan Gulf Basin.
As part of the proposed farm-in arrangements, Oil Search will complete a seismic acquisition programme over the licenses, for the remainder of 2017 and into early 2018 on behalf of ExxonMobil.
Oil Search says the deal builds on its LNG projects and will further expand its exploration portfolio in the Papuan Basin area.
Shares in Oil Search Limited
(ASX:OSH) closed at $7.32.
