Maersk Oil Buys Devon's Stake in Angola Block 16

Maersk Oil has agreed to purchase Devon's 15% interest in Angola Block 16 for an initial payment of US $70 million and future contingent considerations. The agreement is subject to closing conditions including government approval. Maersk Oil's interest in the block, which holds the Chissonga discovery, will increase to 65%, with Sonangol (20%) and Odebrecht (15%) as partners. The operator is in the process of analyzing results from wells drilled at the discovery to determine whether the find is commercial and if further appraisal drilling is needed. The Chissonga-1 well is located in the western sector of Block 16 in 4,035 feet (1,230 meters) of water, some 196 miles (315 kilometers) northwest of Luanda.

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