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BRIEF-Conocophillips to sell its 35 percent interest in three exploration blocks offshore Senegal

Published 14/07/2016, 09:59 am
© Reuters.  BRIEF-Conocophillips to sell its 35 percent interest in three exploration blocks offshore Senegal

July 13 (Reuters) - Conocophillips COP.N

* Announces intended sale of exploration blocks offshore senegal

* Agreement is for $350 million plus net customary adjustments of approximately $80 million

* Transaction is subject to approval of government of senegal and co-venturer preemption rights

* Three offshore exploration blocks, Rufisque offshore, Sangomar offshore and Sangomar deep offshore, had net carrying value of about $250 million as of May 31

* To sell its 35 percent interest in three exploration blocks offshore senegal, which include sne and fan discoveries

* Agreement is through subsidiaries of Conocophillips and Australia's Woodside Petroleum Ltd

Source text for Eikon: company coverage: COP.N

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