Royal Dutch Shell to Sell 50% Working Interest Holstein Field for $560 Million
Oil and natural gas production company Royal Dutch Shell PLC (RDSA.LN), said Monday it has agreed to sell its 50% working interest in the Holstein Field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration & Production (PXP) for $560 million, subject to closing.
-Shell received an unsolicited offer from Plains Exploration for Shell’s working interest.
-The transaction is effective Oct. 1, and is expected to close by year-end 2012.
-The company recently noted three successful appraisal wells at the Appomattox and Vito fields, which are expected to begin producing in the second half of the decade.
-Royal Dutch Shell class A-shares at 1140 GMT down 2.0 pence, or 0.1%, at GBP22.29, valuing the company at GBP82.79 billion.
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