Niko seeks to extend exploration commitment of six PSCs in RI
Saturday, February 14 2015 - 07:43 AM WIB
Canadian oil and gas firm Niko Resources said Friday it was seeking for an extension of the exploration commitments of six production sharing contracts (PSCs) in Indonesia to ten years as the commitments were due November of 2014.
Niko did not disclose the names of the PSCs, nor whether they?re part of the seven deepwater PSCs it was selling to LSE-listed Ophir Energy Plc.
As has been previously reported by this portal, Ophir announced in October of last year that it had entered into an agreement with Nko to acquire interests in seen PSCs in Indonesia, six of which to be operated by Ophir, for a cash consideration of US$31.3 million with further payments of up to $56 million contingent on exploration success.
Closings of the transactions for each of the seven PSCs are subject to closing adjustments and a number of conditions including the approval of the Government of Indonesia, certain other third party consents and agreements, and other conditions customary for transactions of this nature, Niko said in the Friday statement.
Niko assets being acquired by Ophir included a 50 percent interest in West Papua IV PSC, Aru PSC (60%), North Makassar Strait PSC (30%), North Ganal PSC (18.5%), Obi PSC (42%), Kofiau PSC (100%), and Halmahera-Kofiau (80%).
Editing by Reiner Simanjuntak