On 1 November 2017 Oil Search Ltd. a company with holding in Papua New Guinea has signed an agreement with Armstrong Energy and GMT Exploration Company which will see the company acquire a 25.5% interest in the Pikka Unit and a 37.5% interest in the Horseshoe block both of which are located on the North Slope of Alaska. The deal marks the first entry of Oil Search into Alaska who will also assume operatorship of the acreage in June of 2018. Oil Search paid USD 400-milliion for the acquisition and has an option to purchase all the remaining interest of Armstrong and GMT in both the Pikka Unit and Horseshoe block until June 2019 for an additional USD 450-million. Oil Search will carry Armstrong and GMTâs share of cost of appraising the discoveries through 2018/2019, if it has not exercised the option to acquire the remaining interest in the properties. In addition to the acquired interest in properties with discoveries the company has also agreed to jointly explore and develop other opportunities in the area. If approved the working interest in the Pikka Unit will be Oil Search 25.5%, Armstrong Energy 19.125%, GMT 6.375%, Repsol 49%. The Horseshoe will be Oil Search 37.5%, Armstrong Energy 28.125%, GMT 9.375%, Repsol 25%. Exploration acreage interest will be Oil Search 25.5%, Armstrong Energy 37.125%, GMT 12.375%, Repsol 25%. The Hue shale play acreage will have the following interest of Oil Search 37.5%, and Armstrong Energy 62.5%. The acquisition is subject to the standard US regulatory approvals, including approval by the Committee on Foreign Investment in the US (CFIUS).
United States (Taroom Trough (Bowen - Surat B.s)) Horseshoe