Kelt Exploration rises on $375 mln land sale to ConocoPhillips

Kelt Exploration

23/07/2020 16:17

** Shares of Canadian energy company  KEL.TO  rise ~9% to
C$1.96 
    ** U.S. oil major ConocoPhillips  COP.N  to buy land from
Kelt in Canada's Montney shale oil play, in a $375 mln deal 
 urn:newsml:reuters.com:*:nL2N2ET293
    ** The acquisition covers 140,000 net acres in the
liquids-rich Inga-Fireweed asset in the Montney zone, which is
adjacent to COP's own Montney lands
    ** The oil resource amounts to 1 bln barrels of oil
equivalent 
    ** Deal expected to close on or around Aug 21
    ** Kelt down ~63% YTD, as of last close

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com))