The companies said that Total will acquire 25% of Chesapeake’s Barnett Shale gas portfolio in Texas for $800 million. In addition, Total has committed to pay further $1.45 billion over a maximum period of six years to fund 60% of Chesapeake’s further capital expenditures on drilling and completion of wells.
Shares of Chesapeake were recently up $1.46, or 5.6%, at $27.34, while American Depositary Shares of Total were up 2.9% at $65.88.
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