Oil Search expands further into Alaska North Slope

Company News

by Rachael Jones

Oil Search (ASX:OSH) has exercised its right to acquire a 50 per cent interest in, and operatorship of, 120 leases covering a large area in the eastern area of the Alaska North Slope.

These leases were successfully bid on by Lagniappe Alaska LLC, which is 100 per cent controlled by Armstrong, in the November 2018 State lease sales.

Oil Search will pay approximately US$8 million for the leases.

The eight-year term of the leases will allow a thorough evaluation to occur prior to committing to drill.

Shares in Oil Search (ASX:OSH) are trading 1.96 per cent higher at $7.79.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.