Woodside Energy B.V. has entered into a binding sale and purchase agreement to acquire Capricorn Senegal Limited’s entire participating interest in the Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore (RSSD) joint venture (JV), according to a press release.
Following the completion of the deal, Woodside’s equity interest will increase to 68.3% in the Sangomar exploitation area and to 75% for the remaining RSSD evaluation area. Woodside will remain the main operator.
Completion of the acquisition is subject to customary approval by the Senegalese government, along with Cairn Energy PLC shareholder’s approval. The target for realization is in Q4 2020.
This binding sale agreement follows Woodside’s exercise of its pre-emptive rights was announced on August 17.