Fulucai cancels MoU to acquire Langsa TAC

By Romel S. Gurky

Calgary-based firm Fulucai Productions Ltd. announced Friday that it would not proceed with an earlier plan to acquire oil and gas assets in Indonesia as it now intends to acquire assets in the US.

The company said in a statement that it has entered into a Letter of Intent (LOI) with a related party to acquire an interest in 6 non-operated producing and exploration oil and gas properties (properties) in California with interests ranging from 8 to 37.5 percent. Under the terms of the LOI, the company will acquire the properties for US$2.5 million. The statement did not disclose the name of the vendor nor details about the properties.

In December of 2013, Fulucai announced it had signed an MoU with Blue Sky Langsa Ltd. (BSL) to acquire oil and gas assets in North Sumatra known as the Langsa TAC, which has two discovered fields (L and H fields), and 7 wells.

Editing by Reiner Simanjuntak