Centrica plc Disposal
November 30 2016 - 7:00AM
UK Regulatory
TIDMCNA
Centrica agrees to sell its entire equity interests in Trinidad
and Tobago gas assets to Shell
Centrica plc has agreed to sell its entire portfolio of gas
assets in Trinidad and Tobago to Shell Exploration and Production
for an initial cash consideration of $30 million (GBP24 million).
The assets consist of a 17.3 per cent interest in the producing
NCMA-1 block and 80 per cent and 90 per cent operated interests
respectively in the undeveloped blocks NCMA-4 and Block 22.
In addition to the initial consideration, Centrica will receive
further payments subject to Block 22 and NCMA-4 reaching agreed
project milestones.
The divestment is in line with Centrica's strategy to focus its
E&P activity in the UK, Netherlands and Norway and to exit its
positions in Canada and Trinidad and Tobago.
The transaction is subject to government and partner approval
and is expected to close in the first half of 2017.
Ends
Enquiries
Centrica Investor Relations: +44 (0)1753 494900
Centrica Media Relations: +44 (0)1784 843000
Notes to Editors
-- Centrica entered Trinidad & Tobago in 2010 with the acquisition from
Suncor of interests in NCMA-1 and Blocks 22, 1a and 1b. It was
awarded
its interest in NCMA-4 as part of a shallow water bid round in
the
same year.
-- In April 2016 Centrica sold its 80 per cent operating interests in
Blocks 1a and 1b to De Novo Energy.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20161130005608/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
November 30, 2016 07:00 ET (12:00 GMT)
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