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

LUKOIL

(LKOH)
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Lukoil to Buy 40% Interest in Senegal Project from Cairn Energy for up to $400 Million

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07/27/2020 | 03:00am EDT

By Ian Walker

Lukoil PJSC said Monday that it is buying a 40% interest in the Rufisque, Sangomar and Sangomar Deep project in the Republic of Senegal for up to $400 million in cash from Cairn Energy PLC.

The Russian energy company said it will pay an initial sum of $300 million to Cairn with a potential bonus payment of $100 million once production starts.

The recoverable hydrocarbon reserves of the Sangomar field are estimated at 500 million barrels of oil equivalent. The field is planned to be launched in 2023, with designed production level of 5 million tons of crude oil a year, Lukoil said.

Separately, Cairn Energy said it will return $250 million of the funds from the sale to shareholders via a special dividend.

The deal is subject to the approval of the other partners in the project as well as the Government of Senegal and Cairn's shareholders. If approved, completion is expected in the fourth quarter of this year.

Woodside Petroleum is the project's operator with a 35% stake. Other participants are FAR (Senegal) with 15% and state-owned company Petrosen with 10%.

 

Write to Ian Walker at ian.walker@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CAIRN ENERGY -1.20% 140 Delayed Quote.-31.71%
LONDON BRENT OIL -0.76% 40.52 Delayed Quote.-36.65%
LUKOIL -2.28% 4500 End-of-day quote.-27.05%
PJSC LUKOIL -2.61% 56.68 Delayed Quote.-42.79%
WOODSIDE PETROLEUM LTD 0.87% 18.49 End-of-day quote.-46.22%
WTI -0.69% 38.839 Delayed Quote.-33.87%
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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 43,2x
Yield 2020 8,62%
Capitalization 38 037 M 38 011 M -
EV / Sales 2020 0,55x
EV / Sales 2021 0,45x
Nbr of Employees 101 374
Free-Float 55,0%
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Mean consensus BUY
Number of Analysts 10
Average target price 88,10 $
Last Close Price 58,29 $
Spread / Highest target 103%
Spread / Average Target 51,1%
Spread / Lowest Target -15,9%
EPS Revisions
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
Sector and Competitors
1st jan.Capitalization (M$)
LUKOIL-25.35%38 011
SAUDI ARABIAN OIL COMPANY3.69%1 947 879
PETROCHINA COMPANY LIMITED-39.39%103 921
ROYAL DUTCH SHELL PLC-57.10%99 767
TOTAL SE-41.46%88 236
GAZPROM-32.88%51 473