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Shell Australia Agrees to Sell Stake in Natural Gas Fields to Timor-Leste for $300 Mln


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Royal Dutch Shell's (RDS.A, RDS.B) Shell Australia said Wednesday it entered into a sales agreement with Timor-Leste to sell the government a 26.56% interest in the Greater Sunrise fields for $300 million.

The Greater Sunrise fields, comprised of the Sunrise and Troubadour gas and condensate fields, are located about 150 kilometers (93 miles) southeast of Timor-Leste and 450 kilometers (279 miles) northwest of Darwin in the Northern Territory, Shell said in a statement.

The government's purchase of Shell's stake is conditional in part on receiving funding approval from the country's Council of Ministers and National Parliament, along with regulatory approvals and partner pre-emption rights, Shell said.

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This article appears in: Investing , ETFs
Referenced Symbols: RDS.A , RDS.B



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