Lloyds List: Paladin buys into Laminaria field: “SHELL has sold its stake in the Laminaria-Corallina oil fields and the Northern Endeavour production ship off northwest Australia to London-based independent Paladin Resources and Woodside Energy in a $140m deal.” (ShellNews.net) 15 March 05

Mar 15, 2005

SHELL has sold its stake in the Laminaria-Corallina oil fields and the Northern Endeavour production ship off northwest Australia to London-based independent Paladin Resources and Woodside Energy in a $140m deal.

The Anglo-Dutch oil major will retain an interest in the assets through its 34% equity in field operator Woodside, which will hold a 66% stake in the ship and Corallina field, plus 60% in Laminaria after the deal is approved. London-listed Paladin is to pay $46.8m for its 8.3% interest in the Timor Sea assets that includes one of the world's largest floating production storage and offloading vessels.

This deal comes on the back of Paladin buying BHP Billiton's stake in the assets in January. Its interest in Northern Endeavour will be 33% and 40% in Laminaria after the deal is closed.