A review of Putu and Pikka drilling results has led Oil Search to exercise a USD 450 MM option with Armstrong Energy to take the latterâs remaining 25.5% interest in the Pikka unit, 37.5% in Horseshoe, 37.5% in the Hue Shale leases and 25.5% in various sundry explo areas totalling 789 sq km on the North Slope. Oil Search also has agreed with Repsol to align interests in shared assets, implying a reduction from 75% to 51% in the Horseshoe unit and retention of 51% in Pikka. In exchange Repsol will assign Oil Search 51% in leases obtained in 2017 east of the Horseshoe area while retaining operatorship.Â  Explo + appraisal drilling is planned in the Horseshoe and East Pikka areas, where FID on phase 1 devt is expected mid-2020. Block idâs from GEPS.   Oil Search will also embark on a sale of some interests in Alaska, with the intention of retaining ab. 35% in its core areas.
A review of Putu and Pikka drilling results has led Oil Search to exercise a USD 450 MM option with Armstrong Energy to take the latterâs remaining 25.5% interest in the Pikka unit, 37.5% in Horseshoe, 37.5% in the Hue Shale leases and 25.5% in various sundry explo areas totalling 789 sq km on the North Slope. Oil Search also has agreed with Repsol to align interests in shared assets, implying a reduction from 75% to 51% in the Horseshoe unit and retention of 51% in Pikka. In exchange Repsol will assign Oil Search 51% in leases obtained in 2017 east of the Horseshoe area while retaining operatorship.  Explo + appraisal drilling is planned in the Horseshoe and East Pikka areas, where FID on phase 1 devt is expected mid-2020. Block idâs from GEPS. Oil Search will also embark on a sale of some interests in Alaska, with the intention of retaining ab. 35% in its core areas.