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Wednesday, February 20, 2013

ConocoPhillips to sell stake in Western Australia gas assets, (NYSE: COP)

ConocoPhillips said it will sell some of its stake in two Western Australia exploration assets to PetroChina Company Ltd. PetroChina will acquire 20 percent of Poseidon gas field in the Browse Basin offshore Western Australia and 29 percent of onshore shale formation Goldwyer in the Canning Basin in the same region.Under the deal, ConocoPhillips and PetroChina will also study the potential for unconventional resource development in the 500,000 acre Neijiang-Dazu Shale formation in the Sichuan Basin in southwestern China.Financial details of the deal were not disclosed.

ConocoPhillips explores for, produces, transports and markets crude oil, natural gas, natural gas liquids, liquefied natural gas and bitumen on a worldwide basis. Shares of COP fell by 0.82% or $-0.48/share to $58.12. In the past year, the shares have traded as low as $50.62 and as high as $78.29. On average, 6840890 shares of COP exchange hands on a given day and today's volume is recorded at 3199005.