The company said Thursday that the partnership aimed to grow and develop the assets to support a mid-scale liquefied natural gas project on the coast in Western Province.
The sale agreement covers the transfer of 40% of Horizon’s stake in PRL 4 containing the Stanley field, PRL 21 containing the Elevala and Ketu fields, and PPL 259.
Under the deal, Osaka will pay $74 million in cash on completion of the transaction plus a further cash payment of $130 million upon a final investment decision for an LNG project.
