Cooper reports lower oil output from Tangai-Sukananti KSO
Monday, October 24 2016 - 01:12 AM WIB
ASX-listed Cooper Energy announced on Monday that its share of oil production from the Tangai-Sukananti KSO, South Sumatra (Cooper Energy 55%) during the September quarter of this year was 25.4 kbbl (276 bopd).
This is a 33.51 percent drop compared to 38.2 kbbl recorded in the same quarter of last year.
Cooper said in a statement that the September 2016 quarter output share was also significantly lower compared to 37 kbbl in the previous quarter of this year.
?The company is in the process of withdrawing from Indonesia and other international operations in order that capital and other resources can be concentrated on growth opportunities available in Australia. The Tangai- Sukananti KSO in the South Sumatra Basin is the company?s remaining interest in Indonesia. Subsequent to the end of the quarter the company accepted an offer from Bass Strait Oil Company Limited for the sale of its interest in the KSO,? Cooper said in the statement.
The company said that an agreement with Bass, which was signed on October 19, and which has a completion date three months after signing, is subject to a number of conditions including relevant Indonesian Government regulatory approvals, securing of shareholder approval by Bass and the conduct of a capital raising by Bass. Cooper Energy is currently a 13.5 percent shareholder in Bass.
Under the terms of the agreement, Cooper Energy will receive total consideration of A$5.7 million comprising:
- initial cash consideration of $0.5 million on completion plus shares in Bass equating to A$270,000 (being 180 million shares in Bass at 0.15 cents per share. The share allocation will take Cooper Energy to 24.09% interest in Bass;
- cash of A$2.27 million payable 12 months from signing of the sale agreement; and
- working capital of A$2.7 million to be collected as receivables including Value Added Tax, are realized.
Editing by Reiner Simanjuntak