Cooper: Sale of Indonesian exploration assets completed
Wednesday, June 1 2016 - 01:55 AM WIB
ASX-listed Cooper Energy announced Wednesday completion of the sale of its Indonesian exploration assets to Mandala Energy Investment Pte Ltd, a Southeast Asia focused oil and gas exploration and production company.
The company said in a statement it has received proceeds of US$9.07 million (approximately A$12.5 million) comprising sale consideration (US$8.25 million) and reimbursement of exploration costs to completion, net of Indonesian transfer taxes.
?The sale of the Indonesian exploration permits is the first step in the company?s withdrawal from Indonesia in order that resources and focus are concentrated on its growth projects developing Gippsland Basin gas resources (in Australia). The process for the sale of the remaining Indonesian asset, the Tangai-Sukananti KSO production license, is ongoing,? Cooper said.
Cooper and Mandala signed agreements in February of this year for the sale of 100 percent shares of Sumbagsel and Merangin III PSCs located in the South Sumatra Basin.
Editing by Reiner Simanjuntak