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RWE Dea Receives Stake in Guyana Off-Shore License

12/30/2013, 08:05am, US/Eastern, Source

German utility RWE AG's (>> RWE AG) oil and gas unit RWE Dea reached an agreement with Spain's Repsol S.A. (>> Repsol SA) to acquire a 30% share in a license for exploration of the Kanuku block off the coast of Guyana.

MAIN FACTS:

-Financial details of the deal weren't disclosed.

-Pending regulatory approval, Repsol will hold a 40% stake as license operator, while RWE Dea and Tullow Oil PLC (>> Tullow Oil plc) will each hold a 30% stake.

-The licence is located in the Guyana-Suriname Basin, 80 kilometers off the northeastern coast of South America and covers an area of 6,525 square kilometers.

-RWE Dea is already present in the region with licensing rights in the neighbouring state of Suriname.

-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

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RWE Dea Receives Stake in Guyana Off-Shore License

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