BG Int'l to Take Minority Stake in Noble Energy's (NBL) Block 12 Offshore Cyprus
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Noble Energy and BG International Agree to Partnership in Block 12 Offshore Cyprus
November 23, 2015 8:01 AM ESTHouston, Nov. 23, 2015 (GLOBE NEWSWIRE) -- Noble Energy, Inc. (NYSE: NBL) (Noble Energy or the Company) announced today a farm-out agreement for a portion of its interest in Block 12 offshore Cyprus with BG International (BG). BG is acquiring a 35 percent interest in Block 12, which includes the Aphrodite natural gas discovery, for total cash consideration of $165 million. Aphrodite, discovered in 2011, has gross mean natural gas resources of approximately four trillion cubic feet. The transaction has an effective date of April 1, 2015, and is expected to close before the end of 2015. Noble Energy will maintain operatorship of Block 12 with a 35 percent interest.
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