Cooper: Sale of Tangai-Sukananti KSO to be completed after July 29
Thursday, July 28 2016 - 01:15 AM WIB
ASX-listed Cooper Energy said on Thursday that the sale of its 55 percent interest in the Tangai-Sukananti KSO, South Sumatra Basin, is now expected to be completed after July 29, 2016.
As announced on June 7, the company has entered into an agreement with ACL International Ltd, a Canadian oil and gas company (through its wholly owned subsidiary Bow Energy International Holdings Inc.) and Lamara Energy Pte, a Singapore based oil and gas company, for the sale of the interest, subject to regulatory and joint venture approval. Cooper will receive a total consideration of US$4.3 million inclusive of working capital.
?As regulatory approval has not yet been secured, Cooper Energy considers it unlikely that completion will occur by July29, 2016 as anticipated in its announcement of 7 June,? Cooper said in a statement.
Cooper Energy expects the required regulatory approval will be forthcoming in due course and will work to support that outcome so the transaction may be completed at the earliest practicable date.
The transaction will complete the company?s withdrawal from Indonesia, announced earlier this year, as part of its strategy to concentrate on Australia and in particular on the Gippsland Basin gas projects.
Editing by Reiner Simanjuntak