EXCLUSIVE: Santa Fe not yet completed sale plan
Saturday, December 16 2000 - 04:00 AM WIB
Oil and gas firm Santa Fe has not yet completed its plans to sell the Block Bogel Top oil field in the Papua province to new oil company called Pearl, according to a source.
The source told Petromindo that although Pearl had paid upfront cash of $1 million to Santa Fe, the former had yet to pay between $12-13 million in transfer fund.
The source added that there was a possibility that Pearl was suffering financial difficulty to realize its purchase plan.
The Bogel Top block, which produces 8,000 barrel of oil per day, is fully owned by Santa Fe.
The source added that the deadline for Pearl to realize its purchase plan was in the middle of next year.(R. Amoros)