Lion in talks to sell Maluku oil interest
Friday, April 27 2007 - 03:53 AM WIB
Australian oil firm Lion Energy Limited said on Friday it was in talks with unidentified party to sell its 2.5 percent interest in Seram (Non-Bula) PSC in s North Maluku.
The company said it was engaged in talks after its put option to sell the interest to operator Chinese firm CITIC Resources Holding for US$4.7 million expired.
The company said it was trying to negotiate higher price that the put option with the interested buyer.
Seram Non-Bula PSC is currently producing heavy crude at the rate of 4,400 BPD in the first quarter of 2007. (alex)