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.
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The share price rose 1.1% to 1,150p by 15:35 on Friday.
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