Natural gas giant BG Group announced Friday afternoon that it has signed a sale and purchase agreement with EXCO Resources for the divestment of all its interests in the shallow, non-core, conventional producing assets and acreage in the Cotton Valley formation.
The divestment, which will be carried out for a consideration of $132.5m, is expected to complete in the first quarter of this year.
The assets cover around 54,165 net leasehold acres across East Texas and North Louisiana.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The share price rose 1.1% to 1,150p by 15:35 on Friday.
NR
-
Tesco braces for supermarket price war with rival AsdaTesco, Britain’s biggest grocer, has opted to cut its prices more quickly to prevent Asda grabbing market share
-
Supersonic travel: How China could 'leapfrog' US and Europe's commercial aviation industryOpinion Innovation in commercial aviation has been stuck for 60 years. A commercial supersonic jet might be back on the market soon, but will China get there first?
