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
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the USMedium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.
