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Murphy Oil closes first phase of partial divesture of Malaysian assets to Pertamina

JAKARTA (rambuenergy.com) – Murphy Oil Corporation, which is based in El Dorado, Arkansas, USA, said its wholly owned subsidiaries, Murphy Sabah Oil Co., Ltd and Murphy Sarawak Oil Co., Ltd, have closed on the first phase of the sale of 30 percent Murphy’s Malaysian oil and gas assets to PT Pertamina Malaysia Eksplorasi Produksi, a subsidiary of Indonesian state oil and gas company PT Pertamina.

The assets sale was originally announced on Sept 30, 2014.

The first phase covers two-thirds of the transaction or 20 percent of Murphy’s Malaysian oil and gas assets with the remaining portion scheduled to be closed in the first quarter of 2015. The total value of transaction reached US$2 billion, with an effective date set on Jan. 1, 2014, Murphy said in a statement.

“I’m pleased to close on the first phase of this important transaction with Pertamina that marks the value of our long term Malaysian business,” said Roger W. Jenkins, president and chief executive officer (CEO) of Murphy.

“Obtaining the requred approvals on scheduled illustrates our long history and close working relationship with Petronas. We look forward to working with Pertamina and all of our partners in Malaysia as we move forward with our exploration and development plans in the region,” added Jenkins.

Murphy said Tudor, Pickering, Holt & Co has played a role as exclusive financial advisor on the transaction, while Gibson, Dunn & Crutcher LLP acted as legal council. (*)

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