Medco to get $285.5 million from Novus assets spin off
Friday, June 25 2004 - 02:27 AM WIB
Publicly listed energy firm PT Medco Energi Internasional Tbk (Medco) will earn US$285.5 million from the sale of assets of Australian oil company Novus Petroleum Limited, Bisnis Indonesa daily reported Friday.
Medco CFO Sugiharto said the proceed was expected to come from the sale of Novus' Cooper Basin E&P assets of Australia and some interest in Novus' Natuna and East Java assets, which will generate US$ 110 million.
The other E&P assets in Middle East will be handed over to United Arab Emirate Silk Route Investment to sell them to others. The value of the asset sale will be $32 million.
Meanwhile, the assets of Novus, which are in the United States, will be sold for about $140 million.
Sugiharto said the proceeds from the sale will be used to purchase oil fields in Qatar and Yemen.
Medco is in the final process of acquiring Novus' entire shares and would spend $260 million for the acquisition. (*)