Sanchez Energy Corp. (NYSE: SN) said Feb. 13 that Korea National Oil Co. (KNOC) won’t be exercising its tag along rights on Sanchez’s recent $2.3 billion deal with Anadarko Petroleum Corp. (NYSE: APC).
The terms of Sanchez’s Comanche acquisition remain the same and the transaction remains on pace to close by first-quarter 2017, the company said.
KNOC purchased a 23.7% non-operated working interest stake in Anadarko’s acreage in 2011 through a $1.55 billion joint venture. It was the only partner with a tag along option, said Kyle Rhodes, an analyst at RBC Capital Markets.
KNOC’s rights could be a potential acquisition target “down the line” for Sanchez, Rhodes said.