Reliance Eagleford Upstream Holding Lp to sell its assets in Eagleford shale play

Reliance Eagleford Upstream Holding, LP ("REUHLP") a wholly owned step-down subsidiary of Reliance Industries Limited ("RIL"), announced the signing of agreements with Ensign Operating III, LLC ("Ensign"), a Delaware limited liability company to divest its interest in certain upstream assets in the Eagleford shale play of Texas, USA. With this transaction, Reliance has divested all its shale gas assets and has exited from the shale gas business in North America.

A Purchase and Sale Agreement ("PSA") has been signed between REUHLP and Ensign on November 5, 2021 for this sale. The sale is at a consideration higher than current carrying value of the assets.

Citigroup Global Markets, Inc. acted as financial advisor to Reliance and Gibson, Dunn & Crutcher LLP served as its legal counsel.

Shares of Reliance Industries Limited was last trading in BSE at Rs. 2502.00 as compared to the previous close of Rs. 2498.80. The total number of shares traded during the day was 183715 in over 15526 trades.

The stock hit an intraday high of Rs. 2522.00 and intraday low of 2457.65. The net turnover during the day was Rs. 455964905.00.

Source : Equity Bulls

Keywords

RelianceIndustriesLimited INE002A01018 RelianceEaglefordUpstreamHolding ShaleAssets