ConocoPhillips To Sell Interest In Greater Sunrise Fields To Timor-Leste

(RTTNews) - ConocoPhillips (COP) said Monday it has agreed to sell its 30 percent interest in the Greater Sunrise Fields to the government of Timor-Leste.

The company noted that the total sales price of the transaction is for $350 million, prior to customary adjustments. This is conditioned on the government receiving funding approval from the Timor-Leste Council of Ministers and National Parliament, as well as regulatory approvals and partner pre-emption rights.

Matt Fox, executive vice president, Strategy, Exploration and Technology said, "ConocoPhillips has a long history in Timor-Leste through our operated interest in the Bayu-Undan field. Although we differ with the government on its proposed development plan for Sunrise, we recognize the importance of the field to the nation of Timor-Leste, and the sale of our interest to the government gives them a working interest in this important development."

The transaction is expected to close in the first quarter of 2019. ConocoPhiliips will use proceeds from this transaction for general corporate purposes.