document: PTTEP Australasia Pty Ltd announced on 15 July 2018 that it had signed a sale and purchase agreement, for the sale of its Montara asset to Jadestone Energy (Eagle) Pty Ltd.Â  Under the terms of the sale, Jadestone will purchase PTTEPâs 100% interest in the Montara field and asset for a cost of USD 195 million. The deal is expected to be completed during 2018.  In addition to the payment for interest, which will be adjusted to take into account work capital until the completion of the deal, PTTEP will also be eligible for up to an additional USD 160 million for production and development milestones and dependent on oil price changes.  The sale and purchase is subject to a number of conditions, including those outlined in the initial sale and purchase agreement and regulatory approvals, including from the National Offshore Petroleum Titles Administrator (NOPTA) and National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA).  The Montara field lies in production lease AC/L7, which was awarded on 20 March 2007.Â  The Montara field was discovered in 1988 and has been producing oil since June 2013.Â  The licence also contains the Bilyara oil and Padthaway and Tahbilk gas discoveries, made in 1988, 2000 and 1990 respectively. The gas discoveries had been outlined to be included in PTTEPâs proposed Cash-Maple development.  PTTEP reported that the sale of the Montara asset was part of its strategy to focus on operations in other core areas, which at this time were reported to be in Southeast Asia and the Middle East.
summary: PTTEP has sold its 100%-held Montara oilfield off Australia to Jadestone Energy (Eagle) for US$195 MM.