EEX puts Indonesian interest for sale

Houston based oil company EEX Corporation has placed all its Indonesian interests on the market with the book value of approximately US$ 25 million, according to the company?s statement Thursday.

The company said it had opened data room in Houston and Singapore and expected to receive offers that are in excess of book value and to conclude a sale by year-end.

EEX has 25 percent interest in Tuban joint operating body (JOB) in East Java together with state oil and gas firm Pertamina, which holds 50 percent working interest and Devon Energy, the block?s operator and the holder of 25 percent participating interest.

Pertamina, however, will only receive its oil shares in the block until EEX and Devon fully receive returns of their investment in the block.

Meanwhile, the company said the Mudi Field in the Tuban JOB produced an average of 11,164 barrels of oil per day for the third quarter of 2001, or roughly 5,500 barrels of oil per day net to EEX's 50 percent. Interest.

EEX also said the Sukowati appraisal well, also in the Tuban Block, reached total depth during the third quarter.

The company said the operator is evaluating results anticipated that a development program would be proposed. (alex)