ConocoPhillips to Acquire Additional Montney Acreage From Kelt Exploration
July 22 2020 - 5:55PM
Dow Jones News
By Kimberly Chin
ConocoPhillips has agreed to acquire acreage in western Canada
from Kelt Exploration Ltd. for about $375 million in cash, as the
company expands its reach into the liquids-rich area.
The company will acquire 140,000 acres in the Montney zone,
adjacent to the company's existing position in the area,
ConocoPhillips said.
The deal will add more than 1 billion barrels of oil equivalent
of high-value resource with an attractive supply cost, the company
said. Production associated with the acquired asset is expected to
be around 15,000 barrels of oil equivalent per day, it added.
ConocoPhillips will also assume roughly $30 million in financing
obligation for the partially owned infrastructure.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 22, 2020 17:40 ET (21:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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