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Kerr-McGee Corp. has sold its interests in certain UK North Sea assets, including the Hutton tension leg platform.
Last month, Canadian Natural Resources Ltd., Calgary, purchased exploration properties in the North Sea from a unit of Kerr-McGee for $120 million in cash. The deal also calls for a unit of Canadian Natural to surrender some of its interest in Harding field to KerrMcGee, increasing the Oklahoma Citybased independent's interest in the field to 30%.
In a separate transaction, KerrMcGee, through its affiliate Kerr-McGee Resources (UK) Ltd., sold its 14.49% interest in Ross field, which lies in the UK North Sea, to Paladin Expro Ltd., a wholly owned unit of London-based Paladin Resources PLC.
In other company news, as part of a detailed, 3-year business strategy to prioritize its exploration and development plans and reduce overall costs, Calgary-based Canadian 88 Energy Corp. has entered into an agreement to acquire all of the issued and outstanding shares of private oil and gas company RMX Exploration Ltd., also of Calgary, for $26.1 million in cash and assumed debt.
Canadian 88 also revealed that it would …