EOR set to finalize acquisition of Wailawi oil, gas project
Tuesday, August 1 2017 - 10:03 AM WIB
ASX-listed Enhanced Oil and Gas Recovery Limited (EOR) said it is set to finalize the acquisition of Centre Energy Petroleum Limited (CEP) and its principal asset being its interests in the Wailawi oil and gas field in Indonesia?s East Kalimantan Province.
?EOR looks forward to finalizing its acquisition and transforming the company into an oil and gas producer,? the company said in a statement on Monday.
On July 5, EOR said it has finalized the acquisition terms for the purchase of CEP, and expected documentation and finalization; including the relevant experts reports to occur in this month with a notice of meeting for shareholders to follow shortly after.
Chairman Ross Hill noted that ?after a substantial review of the acquisition per se, the acquisition terms and extensive consultation with our advisers, we have taken a position to ensure that all stakeholders commence on equal terms wherein it was necessary to negotiate a viable variation to the agreement with CEP?.
EOR signed in September of 2015 an agreement to acquire 100 percent of CEP from Vibrant Link SDN BHD, KEH Industrial Park SDN BHD and Union Pacific Trading Pty Ltd.
CEP holds an 85 percent economic/participatory interest in PT Benuo Taka Wailawi (a joint venture company with Perusda Benuo Taka, which is owned by the government of Penajam Paser Utara Regency, East Kalimantan), which is the holder of an extended and amended co-operation agreement in the Wailawi oil and gas field in East Kalimantan, Indonesia.
CEP holds the rights on behalf of the joint venture company to operate the Wailawi oil and gas project pursuant to the extended and amended co-operation agreement.
Editing by Reiner Simanjuntak