Indus divests interest in Prabu Energy
Friday, April 10 2015 - 01:00 AM WIB
ASX-listed Indus Energy NL (formerly known as Quest Petroleum NL) said Friday it has executed a share sale agreement to divest its 80 percent shareholding in Prabu Energy Pty Ltd, the holder of the Ranau PSC in South Sumatra.
?After recently completing a strategic review of the Ranau PSC and the company?s operations in Indonesia, the company has agreed to divest its 80 percent interest in Prabu Energy,? Indus aid in a statement.
It added that this divestment decision was influenced by the challenging ongoing operating environment that persists in the oil and gas sector in Indonesia combined with the added challenges presented by the current low oil prices and the importance of being able to control expenditure.
Indus said that PT Tosec World, an Indonesian registered company and wholly owned subsidiary of Indonesian oil and gas company PT Tech Oil International, has agreed to acquire the company?s 80 percent interest in Prabu Energy.
The Ranau PSC covers 2,191km? of the South Sumatra Basin. Sumatra is the 6th largest island in the world and has a well-established oil and gas industry. There is extensive infrastructure and multiple hydrocarbon markets located within close proximity to these projects and Sumatra.
Editing by Reiner Simanjuntak