PETALING JAYA: Murphy Oil Corp has signed a sale and purchase agreement to divest the fully issued share capital of its two primary Malaysian subsidiaries, Murphy Sabah Oil Co Ltd and Murphy Sarawak Oil Co Ltd, to a subsidiary of PTT Exploration and Production Public Co Ltd (PTTEP).
In a statement, Murphy Oil said PTTEP will pay Murphy US$2.127bil in an all-cash transaction, payable upon closing and subject to customary closing adjustments, plus up to a US$100mil bonus payment contingent upon certain future exploratory drilling results prior to October 2020.
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