EEX completes agreement to sell Indonesian assets

US oil firm EEX Corporation said on Tuesday it had received signed stock purchase agreements to sell to PT Medco Energi Internasional all of EEX's assets in Indonesia. The agreements cover all of the shares of two companies that own a 25 percent interest in the Tuban Concession, onshore Java, and a 15 percent interest in the Asahan Concession, offshore Sumatra.

As previously announced, the agreements are subject to customary closing conditions and regulatory approvals of Indonesian authorities that must be met before closing. The effective date of the sale under the agreements is Sept. 30, 2001. EEX expects closing to occur in four to six weeks.

EEX estimates that if the transactions contemplated by the agreements had closed on March 31, 2002, EEX would have received approximately $27 million in cash, the agreed purchase price of $34.5 million less the net cash flows received by EEX from Sept. 30, 2001 to March 31, 2002.

Waterous & Co. represented EEX in the sale of the Indonesian assets. EEX Corporation is an oil and natural gas exploration and production company with activities currently focused in Texas, Louisiana and the Gulf of Mexico. (robert)