The oil and gas interests to be sold represent approximately 79% of Maritech’s total proved reserves and $72m of associated asset retirement obligations Tana Exploration.
The company said that these two transactions, together with other recent smaller transactions, will result in combined sales of approximately 92% of Maritech’s proved reserves as of 31 December 2010.
The company estimates that the collective impact of these transactions will reduce Maritech’s remaining asset retirement obligations to between $145m and $150m, with the majority of the P&A and decommissioning activities anticipated to be completed by the end of 2012.
The closing of the transaction is expected to occur on or about 31 May 2011, subject to customary closing conditions.
