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of Key’s 40% interest, Pilot will hold a
100% interest in WA-481-P. Triangle has
entered into a binding agreement with
Pilot to acquire a 78.75% interest in, and
operatorship of, WA-481-P, with Pilot
retaining a 21.25% non-operated working
interest in the permit.
This transaction is conditional on Pilot
acquiring Key’s 40% interest in WA-481-P
and Pilot and Triangle agreeing (i) a revised
joint operating agreement in respect of
WA-481-P; (ii) a joint operating agreement
in respect of the Cliff Head Wind & Solar
for delivery to small gas demand centers to provide front end engineering and Project Joint Venture; and (iii) access
inaccessible by large conventional LNG design (FEED) services for the INPEX- agreements in respect of the Cliff Head and
vessels.” operated Ichthys Liquified Natural Gas Field Arrowsmith infrastructure and operations
PETRONAS, November 11, 2020 Development. on the area of WA-481-P.
The award is for a booster compression The transfer of WA-481-P is subject to
Settlement in respect of module FEED with optional engineering, standard regulatory approvals. The cut-off
procurement and construction (EPC)
date to agree these documents and for the
Vietnam dispute for the project. The booster compression WA-481-P transaction to complete is 15
module will be added to the Ichthys LNG
March 2021 (or as otherwise agreed).
Jadestone Energy, an independent oil and offshore central processing facility, located TRIANGLE ENERGY, November 9, 2020
gas production company focused on the Asia off the northwest coast of Western Australia.
Pacific region, announces settlement of a “This award illustrates McDermott’s Santos executes new
dispute with Teikoku Oil (Con Son), a wholly continuing expertise in complex offshore
owned subsidiary of INPEX Corporation, in EPCI,” said Ian Prescott, McDermott’s $750mn syndicated debt
respect of Block 05-1 PSC, offshore Vietnam. Senior Vice President, Asia Pacific.
On August 8, 2016, the Company, “Our work to date demonstrates our facility
through a wholly owned affiliate, signed qualifications to deliver smart solutions
a definitive sale and purchase agreement in challenging environments—and to the Santos today announced it has executed
(SPA) with Teikoku, as seller, for the highest safety and technical standards.” documentation to enter into a new US$750
acquisition of a 30% working interest in McDermott is also undertaking million syndicated bank loan facility.
Block 05-1 PSC. On February 22, 2018, umbilicals, risers and flowlines (URF) as The facility was approximately three
Teikoku delivered to the Company a notice part of an expansion of the existing Ichthys times oversubscribed, receiving strong
of termination of the SPA. LNG facilities. support from a mix of existing and new
As noted in the Company’s press Engineering will be completed in relationship banks. The new five and a
release of February 26, 2018, Jadestone McDermott’s Asia Pacific headquarters in quarter-year facility will mature in January
did not accept the termination. Following Kuala Lumpur. The FEED will commence in 2026, extending Santos’ weighted average
prolonged negotiations, the Company filed October 2020. term to maturity of its drawn debt facilities
a notice of arbitration in relation to the MCDERMOTT INTERNATIONAL, November 10, to almost five years.
matter with the Singapore International 2020 Proceeds from the new facility will
Arbitration Centre on July 3, 2020. be used to refinance the existing US$750
The Company and Teikoku have agreed Triangle to take over Perth million debt facility established for the
a full and final settlement in respect of the acquisition of ConocoPhillips’ northern
dispute. When considering the amount Basin permit Australian and Timor-Leste assets, which
payable under the settlement, together with was completed in May 2020.
fees payable by the Company, Jadestone will Experienced Perth Basin oil producer Triangle Santos Managing Director and Chief
not experience a significant increase in its Energy has entered into an agreement with Executive Officer Kevin Gallagher said
cash position. Pilot Energy to acquire a 78.75% interest the new debt facility is consistent with
JADESTONE ENERGY, November 11, 2020 in offshore Perth Basin exploration permit the company’s strategy of securing
WA-481-P covering 8,605km2. WA-481-P competitively priced long-term funding.
is located immediately adjacent to, and “This is an excellent result for Santos,
OCEANIA contiguous with, the Triangle owned and showing strong support from bank lenders
operated offshore Cliff Head Oil Field. and demonstrating our balance sheet is set
McDermott wins FEED operator of offshore Exploration Permit up to support our growth strategy.”
Pilot is currently the 60% owner and
“With this new facility in place, we now
contract for Ichthys WA-481-P and has entered into definitive have no material debt maturities until 2024.”
agreements to acquire the remaining 40%
“We also have ample liquidity in place
development interest from Key Petroleum Limited and our debt covenants have sufficient
(ASX:KEY), subject to Pilot shareholder
headroom at current oil prices for a number
McDermott International, Ltd today approval. of years,” Mr Gallagher said.
announced it has been awarded a contract Upon completion of the acquisition SANTOS, November 5, 2020

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