Pikka Unit

OSL to operate Alaska ahead of FID

The proposed acquisition is made on the basis that the Pikka Unit and adjacent acreage and 37.5 percent in the Horseshoe Block contains a discovered resource of 500 million barrels, compared to an estimate of 1.2 billion barrels by the existing joint venture partners.

The proposed acquisition is worth US$400 million (K1.2 billion), with the option for OSL to double its interests by mid-2019 for an additional US$450 million (K1.4 billion).

Meanwhile, OSL takes over operatorship in the first quarter of 2018 and will undertake active appraisal.