Resolute Energy sells Indonesian operations for US$18 million

Canadian independent oil and gas company Resolute Energy Inc announced Wednesday that it had closed the sale of the shares of its Indonesian subsidiary, Equatorial Energy (Indonesia) Inc., for cash proceeds of US$18.0 million.

Resolute said the subsidiary comprises all of interests in two production blocks, the Sembakung (Northeast Kalimantan) and Tanjung Lontar (South Sumatra) Technical Assistance Contracts, as well as associated working capital, and results in a complete exit from Indonesia.

Resolute also said proceeds from the sale will be used to pay down debt, leaving very well positioned to pursue its core growth strategies in Canada. (robert)