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.