PTTEP completes buy out of Canada Oil Sands
PTT Exploration and Production has taken full control of exploration sites in Thornbury, Hangingstone and South Leismer areas, based the partnership unit redemption agreement with Statoil Canada.
The agreement signed on January 30 was to restructure the ownership of the five areas of the Canada Oil Sands KKD Project in Athabasca, Alberta, Canada.
It was finalised on May 28 that while the three areas will go to PTTEP, Statoil Canada will own and operate the other two areas - Leismer and Corner.
Its subsidiary, PTT Canada, will also receive US$200 million from Statoil Canada plus working capital adjustment worth 238 million Canadian dollars.