By Rhiannon Hoyle

SYDNEY--Australia's Elk Petroleum Ltd. (ELK.AU) said it has agreed to buy Freeport-McMoRan Inc.'s (FCX) interest in a Wyoming gas field and plant for US$20 million.

Sydney-based Elk said Wednesday it will acquire Freeport's 14% stake in the Madden Gas Field and the Lost Cabin Gas Plant, as well as associated pipeline systems. The field and plant are operated by ConocoPhillips (COP), one of the largest U.S. shale producers.

Elk said the acquisition should be completed by Feb. 22.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

January 03, 2017 18:33 ET (23:33 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
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