Cooper completes withdrawal from overseas assets
Friday, March 3 2017 - 01:22 AM WIB
ASX-listed Cooper Energy Limited said that the company has now ceased all international operations with the closure of operations in Tunisia and the completion of the sale of Indonesian operations to Bass Oil Limited.
In accordance with the transaction announced October 19, 2016 Cooper Energy said it has received initial consideration of $500,000 and 180,000,000 shares in Bass Oil Limited. The balance of the $5.7 million consideration is to be received via $2.27 million in deferred payments with the final payment received by December 2018, and receivables as they fall due.
?I would like to acknowledge the contribution made to our company by the employees who were engaged in our Indonesian and Tunisian operations? said Cooper Energy Managing Director David Maxwell in a statement on Thursday.
?Our withdrawal from Indonesia and Tunisia has been driven entirely by our strategy of concentrating our efforts on our growth projects in Australia and in particular our opportunities to supply gas in south east Australia. On behalf of the directors of the company I record our appreciation for the efforts made by the teams we employed in both Indonesia and Tunisia and the professionalism they have demonstrated whilst the divestment process has been ongoing? he said.
Cooper Energy?s portfolio is now solely concentrated on Australian assets.
Cooper Energy sold its 55 percent interest in Sukananti, Tangai and Bunian oil fields (Tangai-Sukananti KSO), onshore South Sumatra, in October of last year to ASX-listed Bass Oil Ltd.
Editing by Reiner Simanjuntak