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NEWS BULLETIN

July 15, 2020 --- Vol. 26, No.39July 2020

Oil Search relinquishes 130 North Slope leases

Oil Search (Alaska) LLC surrendered of 130 leases on Alaska's North Slope to the Alaska Department of Natural Resources' Division of Oil and Gas, effective June 23.

The leases cut loose are "largely located on the edges of the company's western lease area," Amy Burnett, Oil Search's manager of U.S. media and communications, told Petroleum News. "The reduction was in areas we have determined to be less prospective than other leases in our Alaska portfolio."

In looking at a map six of the leases are off the northwest corner of the Colville River unit; all the rest are in various locations south of the Kuparuk River unit.

"Even with the relinquishments, Oil Search continues to be among the top three leaseholders on Alaska's North Slope," Burnett said.

The surrendered acreage will be included in the next state North Slope and Beaufort Sea areawide lease sales; a date that has not yet been noticed, but last year were held jointly in December.

The relinquishment "helps to further focus" Oil Search's efforts in Alaska, Burnett said, and is part of what the company identified in a July 13 Australian Securities Exchange announcement as an "immaterial impairment" in its plans to write off around $380 million in a non-cash, pre-tax charge for its half-year results, which closed June 30.

The state leases surrendered by Oil Search are as follows, with some having been issued as early as Jan. 1, 2013, and others as recently as July 1, 2018:

ADL 392159, 392271, 392581, 392715, 392775, 393163, 393651, 392160, 392316, 392582, 392716, 392776, 393164, 393652, 392317, 392583, 392971, 392777, 393165, 393653, 392318, 392584, 392778, 393654, 392319, 392798, 393673, 392320, 392799, 393674, 392321, 392800, 393675, 392322, 392801, 393676, 392323, 392802, 393677, 392324, 392803, 393678, 392325, 392804, 393679, 392326, 392805, 393680, 392327, 392806, 393684, 392328, 392807, 393685, 392329, 392808, 392330, 392809, 392331, 392810, 392332, 392811, 392333, 392812, 392334, 392813, 392335, 392814, 392336, 392815, 392337, 392816, 392338, 392817, 392339, 392818, 392357, 392819, 392358, 392820. 392359, 392821, 392360, 392822, 392365, 392823, 392366, 392824, 392368, 392825, 392370, 392826, 392372, 392827, 392373, 392828, 392829, 392830, 392831, 392832, 392833, 392890, 392891.

- KAY CASHMAN

See story in July 19 issue, available online Friday, July 17 at www.PetroleumNews.com

For information on PN's news bulletin service, call 907-522-9469.

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