Troubled Matrix Oil sells N. Sumatra oil, gas interests

Administrator of troubled Australian oil company Matrix Oil NL said on Tuesday it had signed sales and purchase agreement (SPA) to sell the company?s working interests in Asahan PSC and Glagah Kambuna TAC, both of which are located offshore North Sumatra.

?Formal SPA was executed on 13 June 2003. There are however a number of conditions precedent for both agreements which need to be satisfied before they can be finalized. These conditions precedent are required to be satisfied on or before 31 August 2003,? said company administrator Vincent Smith in his report to the Australian Stock Exchange.

Smith said discussions with several interested parties are still underway to sell Matrix? interest in Langsa TAC, which is also located offshore North Sumatra.

Matrix Oil was put under administration and its shares suspended from trading in the Australian Stock Exchange on October 15 after its Langsa oilfield offshore North Sumatra ceased production due to technical troubles.

Matrix asked for suspension after it was unable to raise necessary funds needed to repair the oil wells. Matrix commenced north Sumatra production in November 2001 with peak production of 7,000 barrels per day. (alex)

Working Area	Type of Contract	Matrix interest (%)	Partner(s) interest (%)
Asahan	Production Sharing Contract	75	PT Medco Energi (15); PT. Risjad Salim Resources (10)
Glagah Kambuna	Technical Assistance Contract	90	PT Gunakarsa (10)
Langsa	Technical Assistance Contract	90	PT Gunakarsa (10)