ACL acquires stake in South Block A
Tuesday, July 7 2015 - 01:04 AM WIB
Canadian firm ACL International Ltd. Announced on Monday that it has acquired a 38.25 percent working interest in South Block A PSC located onshore North Sumatra, from Peak Oil & Gas (Australia) Pty Ltd. for an aggregate purchase price of A$800,000.
The transaction involved the acquisition of all of the issued and outstanding shares of Peak Oil & Gas SBE Pte Ltd., the registered owner of the block, along with an intercorporate loan as between Peak and its subsidiary in the aggregate amount of US$4,164,673.
The asset consist of an aggregate 2105 km2 of exploration acreage and are surrounded by oil & gas fields in the prolific North Sumatra Basin. The asset also includes 180 km of 2D Seismic, 50 km2 of 3D Seismic and 4 exploratory wells. South Block A lies in the North Sumatra Basin which is one of the most productive hydrocarbon provinces in Indonesia with over 80 known oil and gas fields.
Peak Oil & Gas Pte Ltd is the holder of 75 percent of the shares in Renco Elang Energy Pte Ltd, the 51 percent participant and operator in South Block A PSC.
Editing by Johannes Simbolon