ConocoPhillips issues buyout notice for 3D Energi's VIC/P79 stake [Yahoo! Finance]
ConocoPhillips (COP)
Last conocophillips earnings: 4/30 07:00 am
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Source: Yahoo! Finance
ConocoPhillips Australia has issued a buyout notice to 3D Energi relating to the latter's 20% interest in offshore exploration permit VIC/P79 in Victoria's Otway Basin, following earlier notifications concerning alleged defaults. 3D Energi, formerly known as 3D Oil, said it is assessing the validity of both the default and buyout notices. The notice initiates a process under the joint operating agreement that can allow ConocoPhillips, as the operator of VIC/P79, to acquire 3D Energi's interest at a fair market value, to be determined. Once that value is established, ConocoPhillips has 30 days to elect whether to proceed with the purchase. If ConocoPhillips does not exercise the buyout right, the agreement provides for other remedies. These include potential dilution of 3D Energi's stake, with provisions available to both ConocoPhillips and Korea National Oil Corporation (KNOC). ConocoPhillips currently has a 51% stake, while KNOC owns a 29% stake in the block. VIC/P79 cov
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- ConocoPhillips (COP) had its price target raised by Mizuho from $121.00 to $136.00. They now have an "outperform" rating on the stock.MarketBeat
COP
Earnings
- 2/5/26 - Miss
COP
Sec Filings
- 3/17/26 - Form 4
- 3/16/26 - Form 4
- 3/16/26 - Form 4
- COP's page on the SEC website