Equatorial Energy cancels Indonesian assets sale
Tuesday, October 30 2001 - 11:30 PM WIB
Calgary based oil firm Equatorial Energy Inc. said Tuesday it had terminated negotiations relating to the sale of its Indonesian assets.
?The Board has determined that the best way to maximize shareholder value under current market conditions is to pursue its business plan on a going concern basis.? Said the company in a statement.
In October 9, the company announced that signed an agreement with an undisclosed party to sell all of its Indonesian assets for proceeds of US$ 24.5 million cash.
Equatorial has an 80 percent interest in the Sembakung technical assistance contract (TAC) oil field in northeast Kalimantan, Tanjung Lontar TAC and Kruh TAC in the southern part of Sumatra. (alex)