AWE completes sale of N. Madura PSC, to complete sale of Bulu PSC end 2017
Monday, May 15 2017 - 09:52 AM WIB
ASX-listed AWE Ltd announced on Monday it has completed the sale of its 50 percent interest in North Madura PSC, offshore East Java, on April 28, 2017.
AWE announced in April of last year the sale of the interest and operatorship in the North Madura PSC to joint venture partner Bermuda-registered oil and gas firm Azipac Ltd, subject to Indonesian government approval.
Elsewhere, AWE also said in the statement that the sale of its interest in the Bulu PSC is targeted to be completed at the end of this year.
AWE announced in May of last year that it has entered into an agreement to sell its 42.5 percent interest in the Bulu PSC to a fully-owned subsidiary of HyOil Pte Ltd for cash consideration of up to A$27.5 million, subject to Indonesian government approval.
The Bulu PSC is located offshore east Java and includes the undeveloped Lengo gas project.
?AWE estimates these divestments have reduced the company?s future decommissioning and significantly reduced future capex and exploration commitments,? the company said in the Monday statement, but did not provide further details.
Editing by Reiner Simanjuntak