FAR First Australian Resources Limited

   By David Winning 
 

SYDNEY--Woodside Petroleum Ltd. (WPL.AU) agreed to a deal worth up to US$430 million to buy ConocoPhillips' (COP) assets in the West African nation of Senegal, which include one of the world's largest oil discoveries in recent years.

Perth-based Woodside said the deal covering three exploration blocks in Senegal involved an upfront payment of US$350 million, plus a further US$80 million on completion.

It also includes the option for Woodside to operate any future development in any of the blocks known as Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore.

Woodside is buying assets that include the FAN and SNE offshore oil discoveries, which are part-owned by London-listed Cairn Energy PLC (CNE.LN) and Australia-listed FAR Ltd. (FAR.AU). The SNE field--one of the world's largest deepwater oil discoveries since 2014--contains an estimated 560 million barrels of recoverable oil, Woodside said.

-Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

July 13, 2016 18:20 ET (22:20 GMT)

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