HALO terminates agreement to acquire Duyung PSC

By Romel S. Gurky

LSX-listed Hague and London Oil PLC (HALO) said Friday it has terminated a farm-in agreement signed with Singapore-based West Natuna Exploration Ltd in September 2015 to acquire 85 percent interest in the Duyung Production Sharing Contract, located in the Natuna Sea, Indonesia.

HALO said in a statement that the transaction was subject to customary regulatory and government approvals. But despite extension of the long-stop, none of the approvals had been received prior to the start of April 2016.

?Therefore the decision was taken to terminate the Farm-In Agreement, with an effective date of 1 April 2016, and the Duyung licence its elf will expire on 15 January 2017,? HALO said in the statement.

Editing by Reiner Simanjuntak