Greka Energy completes the sale of W. Java exploration block
Wednesday, June 12 2002 - 02:38 PM WIB
NASDAQ listed oil company Greka Energy Corporation announced on Wednesday that it had closed the sale of its 75 percent exploration interest in the Jatiluhur onshore block, West Java to Kumoco Energy Ltd.
The company said it would receive US$4 million production payment and retained 5 percent overriding royalty interest in the Block. Pertamina, the Indonesian state-owned oil company, consented to the sale.
Jatiluhur block covers 1.275 million of unexplored acres on the Island of Java near a number of producing oil and gas fields. A portion of the block identified as the Jonggol area consisting of 500,000 acres has two prospects and eleven leads.
Greka acquired the Indonesia prospect in the 1999 Saba acquisition. The prospect was identified as a non-strategic asset under the company's restructured business plan. (alex)