Inpex revises up earnings forecast after completing Masela interest sale

Inpex Corporation, Japan?s giant oil and gas company, said that its subsidiary Inpex Masela Ltd (Inpex Masela) has completed the necessary procedures for the transfer of a 30-percent participating interest in the Masela Block in the Arafura Sea (Abadi project) to Shell Upstream Overseas Service Ltd (Shell).

As a result of the transfer, Inpex Masela?s interest in the Abadi field project, located within the Masela block, reduced to 60 percent, Shell holding 30 percent and PT EMP Energi Indonesia, a subsidiary of PT Energy Mega Persada Tbk (EMP), owns 10 percent.

The company said it has revised up its consolidated financial forecasts for the year ending March 31, 2012, which were previously announced on November 4, 2011, with the completion of transfer of a part of participating interest on the Masela Block, the Arafura Sea in Indonesia (Abadi Project).

The company further said that the divestment of 30 percent of its interest in the Masela block will enable the company to post ?ordinary income? and ?income before income taxes and minority interests of approximately 68 billion yen.

The ordinary income from divestment of interest in Masela block revised to 669 billion yen from earlier forest of 601 billion yen.

As a result, its net profit has also been revised to 165 billion yen, from 140 billion yen forcast earlier. (roffie)