On 14 July 2016, Woodside announced it had agreed to buy all of ConocoPhillips' 35% participating interest in three Senegalese exploration blocks for US$350 million. The blocks are Rufisque Offshore, Sangomar Offshore and Sangomar Deep Offshore. The Sangomar Deep block contains two potentially basin-opening discoveries: SNE, which we currently estimate contains 385 million barrels of commercial oil, and FAN, which we consider a contingent technical reserve. The effective date of the deal is 1 January 2016. The transaction is subject to customary conditions, including Government approval and pre-emption, and is targeting close by year-end 2016. Woodside expects to pay a completion adjustment of US$80 million. The acquisition also includes the option for Woodside to operate the future development of any resource, again subject to approval.