Kerr-McGee Sells Stake in Ross Field
Kerr-McGee is selling its 14.49% interest in the Ross field to Paladin Expro Limited, a wholly owned affiliate of Paladin Resources plc. The Ross field is located in the United Kingdom sector of the North Sea.
The sales price is US$22 million, subject to working capital and other adjustments. The transaction is effective as of July 1, 2002, and is expected to be completed in the third quarter of 2002. Proceeds from this transaction will be used to reduce debt. The transaction is subject to various conditions, including approval by the U.K. government.