Cooper Energy to soon complete withdrawal from RI
Wednesday, July 20 2016 - 03:01 AM WIB
ASX-listed Cooper Energy said it will cease operations in Indonesia effective from July 29 after completing the sale of its remaining asset in the country, a 55 percent interest in the Tangai-Sukananti KSO, South Sumatra.
?The transaction (sale of Tangai-Sukananti KSO), which is due to finalize on July 29, completes Cooper Energy?s withdrawal from Indonesia,? the company said in a statement Wednesday.
Cooper signed last month an agreement with TSX-listed ACL International Ltd. and Lamara Energy Pte, a Singapore based oil and gas company, for the sale of the 55 percent interest in the Tangai-Sukananti KSO.
Cooper said in it will receive total consideration of US$4.3 million (A$5.9 million) inclusive of working capital. The sale agreement is subject to regulatory and joint venture approvals.
Cooper earlier entered into an agreement with Mandala Energy for the sale of Sumbagsel and Merangin III PSC, which was completed last month.
The company has decided to sell its Indonesian upstream assets as it wants to concentrate on Australia and in particular on the Gippsland Basin gas projects.
Elsewhere, Cooper said it received net proceeds of A$12.5 million from the sale of the exploration assets.
Cooper Energy?s share of oil production from the Tangai-Sukananti KSO during the March quarter was 37.0 kbbl (410 bopd); lower than the preceding quarter?s production of 38.0 kbbl (421 bopd).
Editing by Reiner Simanjuntak