Dart cuts Indonesia investment
Tuesday, March 11 2014 - 01:24 AM WIB
ASX-listed CBM exploration firm Dart Energy Limited is seeking to eliminate or to reduce its future capital investment in Indonesia as part of the company?s strategy to focus into the UK.
?Subsequent to year-end, the group has determined to seek to farm out, divest, or otherwise eliminate or reduce the extent of any future capital commitments to activities in Indonesia,? the company said in an interim report released on Tuesday.
The company has interest in four CBM blocks in Indonesia, two in Kalimantan (Bontang Bengalon PSC, 100%, Sangatta West PSC , 24%) and two in South Sumatra (Muralim PSC, 50%, and Muara Enim PSC, 45%).
The company said last year that it will divest entire stake in Kalimantan PSCs and retain interest in Sumatra PSCs, albeit on a basis that minimizes ongoing expenditure. Consistent with this strategy, the company has commenced process to seek strategic partners for Sumatra assets.
Editing by Reiner Simanjuntak