Mitsui to pay US$1.4 billion for a stake in Anadarko's Marcellus acreage
In the latest of a string of recent deals in the US shale gas sector, Mitsui has announced the acquisition of a 32.5% stake in Anadarko's Marcellus acreage. The consideration is US$1.4 billion, to be paid as a carry of Anadarko's drilling and completion costs over the next four or five years. Our base case valuation of the acquired interests (excluding the cost carry) is US$1.5 billion. This equates to an Implied Long-term Oil Price of US$60/bbl, or an implied long-term gas price ...