Equatorial Energy sells entire Indonesian assets
Thursday, October 11 2001 - 02:55 PM WIB
Calgary based independent oil firm Equatorial Energy Inc said Tuesday it had signed an agreement with an undisclosed party to sell all of its Indonesian assets for proceeds of US$ 24.5 million cash.
According to the company?s release, the sale is scheduled to close on October 24, 2001 and is subject to normal closing conditions. Further, the company is reviewing all strategic alternatives regarding enhancement of shareholder interests and deployment of the sale proceeds.
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)