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MarketScreener Homepage  >  Equities  >  Moscow Micex - RTS  >  LUKOIL    LKOH   RU0009024277

LUKOIL

(LKOH)
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LUKOIL : Enters Senegal Project

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07/27/2020 | 11:05am EDT

LUKOIL ENTERS HYDROCARBON PRODUCTION PROJECT IN THE REPUBLIC OF SENEGAL

PJSC LUKOIL (hereinafter - the Company) concludes an agreement with Cairn Energy PLC to acquire a 40% interest in RSSD (Rufisque, Sangomar and Sangomar Deep) project in the Republic of Senegal for $300 mln in cash. The agreement also provides for potential bonus payment to Cairn Energy PLC of up to $100 mln after the commencement of production. The transaction is subject to customary conditions, including the approval by the government of the Republic of Senegal.

The blocks of the project covering 2,212 sq. km are located on the deepwater shelf of the Republic of Senegal 80 km from the shore with the sea depth of 800-2,175 meters. The blocks include two discovered fields: Sangomar and FAN.

The Final Investment Decision (FID) on the Sangomar field was taken in the beginning of 2020 and the field development has begun. According to the Company's estimates, the recoverable hydrocarbon reserves of the Sangomar field total approximately 500 million boe. The field is planned to be launched in 2023 with designed production level of 5 million tons of crude oil per year.

The RSSD project is being implemented under a production sharing agreement. Woodside is the project's operator with 35% stake. Other participants are FAR (15%) and state-owned company Petrosen (10%).

"Entering the project with already explored reserves at early stage of their development is fully in line with our strategy and allows us reinforcing our presence in West Africa. Joining the project with qualified international partners will allow us to gain additional experience in development of offshore fields in the region", said Vagit Alekperov, President of PJSC LUKOIL.

Disclaimer

OAO Lukoil published this content on 27 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2020 15:05:05 UTC

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Financials (USD)
Sales 2020 72 545 M - -
Net income 2020 1 781 M - -
Net Debt 2020 1 991 M - -
P/E ratio 2020 43,3x
Yield 2020 8,60%
Capitalization 38 144 M 38 045 M -
EV / Sales 2020 0,55x
EV / Sales 2021 0,45x
Nbr of Employees 101 374
Free-Float 55,0%
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Number of Analysts 10
Average target price 88,10 $
Last Close Price 58,46 $
Spread / Highest target 103%
Spread / Average Target 50,7%
Spread / Lowest Target -16,2%
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Managers
NameTitle
Vagit Yusufovich Alekperov President, Chief Executive Officer & Director
Ravil Ulfatovich Maganov Chairman
Pavel Lukoil Zhdanov Vice President-Finance
Lyubov Nikolayevna Khoba Director, Chief Accountant & Vice President
Victor Vladimirovich Blazheev Vice Chairman
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