In conjunction with the release of its Q3 results on 22 October 2019, Oil Search Ltd, announced it has retained an investment bank to manage the sale of a 15% equity stake in the company's core Alaskan leases. This would reduce Oil Search's interest from 51% to 36%. The process is set to kick off in November and the timing of the sale is targeted for mid-2020, after the 2019/2020 drilling season but before a Final Investment Decision (FID) is made on the Pikka Unit development.  Oil Search has previously stated it plans on initial production of 30,000 bo/d in 2022, increasing to 120,000 bo/d in 2024. Potential debottlenecking opportunities could increase that figure to 150,000 bo/d. Pikka is estimated to hold up to 750 MMbo recoverable resource. A Final Investment Decision on the Pikka Unit Development is currently scheduled for mid-2020.    Oil Search farmed in to and became operator of the North Slope properties (Pikka Unit and adjacent exploration acreage, Horseshoe block and Hue Shale area) in early 2018 through an agreement with Armstrong Energy and GMT Exploration for USD 400 million, and subsequently exercised an option to take Armstrong's and GMT's remaining interest in June 2019 for USD 450 million. In August 2019, the company reached an agreement to align its interests with Repsol, resulting in a payment to Oil Search of USD 64.4 million. In the aligned areas, the working interest split 51% for Oil Search and 49% for Repsol.    Source: Oil Search
Oil Search Ltd, announced it has retained an investment bank to manage the sale of a 15% equity stake in the company's core Alaskan leases. This would reduce Oil Search's interest from 51% to 36%. 