INPEX acquires a 7.2% interest in Lucius from Anadarko for US$556 million
INPEX has acquired a 7.2% stake in the Anadarko-operated Lucius field for US$556 million. Lucius is a large, Pliocene field, located in the remote southern Keathley Canyon area of the Gulf of Mexico. The field was discovered in 2009 and sanctioned for development in 2011. First production is expected in 2014. We value the deal at US$301 million (NPV10, discounted to January 2012); some way short of the purchase price. Anadarko has indicated that there is upside to the 300 mmboe assumed ...