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December 17, 2013
05:33 EDTTLM, SSLSasol will not exercise right of first refusal of Talisman's sale of acreage
On 8 November 2013, Sasol's (SSL) partner, Talisman Energy (TLM), announced that it had reached an agreement to sell part of its Montney acreage in northeast British Columbia to Progress Energy Canada for a total cash consideration of C$1.5B. In terms of Sasol's existing agreement with Talisman, Sasol has a right to match the Progress Energy bid, also known as a right of first refusal, within 30 days of the notice from Talisman, which was received effective November 18. Sasol has evaluated this opportunity taking into consideration, among others, its other available investment opportunities and has taken the decision not to exercise its right of first refusal. Sasol welcomes Progress Energy as its new partner and looks forward to forging a solid working relationship in the development of the Montney Basin shale gas assets. Progress Energy is a wholly owned subsidiary of Malaysian national oil and gas company, Petroliam Nasional Berhad, with which Sasol has a longstanding relationship.
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