Carnarvon has agreed to sell half of its 40% interest in its Thai assets for US $65m, with $33m to be paid on completion and up to $32m to be paid annually at the rate of 12% of the buyer’s future revenue, to a limit of $10m per annum. The proceeds of the sale will be used to fund future Australian North West Shelf exploration and appraisal activities that will follow a successful outcome from the high impact Phoenix South-1 well, which is expected to spud in Q3 this year.
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