Santos Ltd. has sold its noncore Asian portfolio to Ophir Energy Plc for $221 million, the company said in a press release on May 3.

The sale is consistent with Santos’ strategy to realize value from its late-life noncore assets and will result in Santos making country exits from Vietnam, Indonesia, Malaysia and Bangladesh.

The assets sold to Ophir include the following interests 31.875% in the Block 12W PSC2 (Chim Sáo and Dua oil fields), Vietnam; 67.5% in the Madura Offshore PSC (Maleo and Peluang gas fields), Indonesia; 45% in the Sampang PSC (Oyong and Wortel gas fields), Indonesia; 20% in the Deepwater Block R PSC (Bestari oil discovery), Malaysia; 45% in the SS-11 PSC, Bangladesh; 50% in Block 123 PSC; and 40% in Block 124 PSC, Vietnam.

All Santos employees associated with these assets will transfer to Ophir as part of the sale.

The producing assets sold are relatively late-life and are not prioritized for capital in the Santos portfolio. Santos’ share of production from the assets in the first-quarter of 2018 was 1.4 million barrels of oil equivalent.

Completion is expected in the second half of 2018 and is subject subject to approval by Ophir shareholders as required under London Stock Exchange regulations, expected to take place in June 2018.

said: “The sale of the Asian assets further delivers on our undertaking to simplify our business and focus on our five core long-life natural gas assets in Australia and Papua New Guinea,” Kevin Gallagher, Santos’ managing director and CEO, said.

“We have always believed the Asian assets are a quality portfolio and are pleased to achieve an attractive outcome for our shareholders,” he added. “Santos will work with Ophir to ensure a smooth transition, including the transfer of all the Santos employees to Ophir.”

Proceeds from the sale will be applied to further reduce Santos’ net debt, which stood at $2.5 billion at the end of March 2018.