Oil and gas major Santos has announced plans to farm-down half of its working interest in 148 exploration leases, covering more than 270 000 acres of land, on the Alaska North Slope in an agreement with APA Alaska LLC1 and Lagniappe Alaska LLC2. The company told shareholders on Wednesday that the farm-down agreements were consistent with its Alaska strategy to focus efforts on the development of the Pikka project.
PERTH – Oil and gas major Santos has announced plans to farm-down half of its working interest in 148 exploration leases, covering more than 270 000 acres of land, on the Alaska North Slope in an agreement with APA Alaska LLC1 and Lagniappe Alaska LLC2.
The exploration leases are located on the eastern North Slope with multiple prospects in the late Cretaceous Brookian and Schrader Bluff formations. Under the terms of the farm-down agreement, initial activities during the exploration phase will be undertaken without cost to Santos. “I am pleased we’ve reached this agreement to farm down our exploration assets in Alaska. This transaction demonstrates the continued level of interest in exploration and development projects in the region, a tier one jurisdiction with supportive stakeholders and prospective undeveloped acreage,” Gallagher said.
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