Australia-listed Oil Search has exercised a US$450 million option to increase its stake in a number of assets on Alaska’s North Slope, writes Josh Lewis.
The option will see it take Armstrong Energy’s 25.5% interest in the Pikka Unit, 37.5% interest in the Horseshoe block, 37.5% share in the Hue shale leases and 25.5% interest in other exploration areas.
The option was agreed in 2017 when Oil Search originally struck a US$400 million deal to gain stakes in the area.
