Equinor ASA (OB:EQNR) acquired 45% stake in South West Arkansas and East Texas Lithium Properties of Standard Lithium Ltd. (TSXV:SLI) for $100 million on May 7, 2024. As reported, Equinor acquired 45% stake in the Standard Lithium?s South West Arkansas Project and the East Texas properties for an initial cash payment of $30 million cash payment to Standard Lithium at closing, and the commitment to invest up to an additional $130 million subject to both parties taking positive Final Investment Decisions as follows: a work program solely funded by Equinor of $60 million, representing a $33 million carry by Equinor for Standard Lithium?s portion, and $27 million for Equinor?s portion, at the South West Arkansas Project and East Texas properties, and up to $70 million in payments to Standard Lithium subject to both parties taking positive Final Investment Decisions. Standard Lithium and Equinor will each own 55% and 45% of the projects respectively, with Standard Lithium retaining operatorship. Citi acted as financial advisor to Standard Lithium and Lance Brasher of Skadden, Arps, Slate, Meagher & Flom LLP and Cassels Brock and Blackwell LLP acted as legal counsel to Standard Lithium. Megan Ridley-Kaye, Dave Locascio and Fredrik Gunhildrud of Hogan Lovells acted as legal advisor to Equinor ASA.

Equinor ASA (OB:EQNR) completed the acquisition of 45% stake in South West Arkansas and East Texas Lithium Properties of Standard Lithium Ltd. (TSXV:SLI) on May 7, 2024.