2010-01-07-2009-12-22-2010-02-10

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$1,300.0MM
Description

Acquired 50% nonop WI in GOM Cascade project, 25% WI in Jack & St. Malo projects.

Danish E&P Maersk Oil was bumped from its plans to acquire interests in three Lower Tertiary development projects in the Gulf of Mexico from Devon Energy Corp., Oklahoma City, (NYSE: DVN) for $1.3 billion in cash, as working interest partners in two of the three projects exercised preferential rights.

The assets were to include Devon's 50% working interest in the Cascade project and its 25% working interests in the Jack and St. Malo projects in deepwater Walker Ridge offshore Louisiana. Maersk reports that partners in the Cascade and St. Malo fields have chosen to match the offer.

Maersk has since completed the purchase of Devon's 25% working interest in the Jack Lower Tertiary development project, which was not optioned, for an undisclosed price. The effective date of the sales is Jan. 1.

While the partners exercising rights were not named, Brazil's Petrobras is the sole owner of the remaining 50% interest in Cascade. Bloomberg reports that Chevron Corp., San Ramon, Calif., (NYSE: CVX) plans to acquire the 25% stake in St. Malo. It currently holds 41.25% and is operator.

No current production or proved reserves are associated with these assets.