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Stock impact report

Santos to transfer 16% stake in Bayu-Undan project to TIMOR GAP [Yahoo! Finance]

INPEX CORP UNSP/ADR (IPXHY) 
NASDAQ:AMEX Investor Relations: inpex.co.jp/english/ir
Company Research Source: Yahoo! Finance
The Bayu-Undan field, operational since 2004 and located about 500km north-west of Darwin, has been a key revenue generator for Timor-Leste, contributing more than $25bn and supporting around 350 jobs. The project supplies gas to the Australian market under a gas sales agreement with Power and Water Corporation while also producing valuable liquids. Following the completion of this deal, Santos' stake in the project will decrease from 43.4% to 36.5%. Similarly, the shares of other JV partners will also be adjusted, with SK E&S' interest reducing to 21%, INPEX's to 9.6%, Eni's to 9.2%, and Tokyo Timor Sea Resources' to 7.6%. Santos managing director and CEO Kevin Gallagher said: “I have long wanted to see TIMOR GAP as a partner of Santos and look forward to welcoming them as a participant in the Bayu-Undan JV. The project has created local jobs, it has generated revenues for government and driven investment in building stronger and more resilient communities. “We are delight Show less Read more
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