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Australia’s Cooper gets approval from Indonesian govt for sale of oil-gas block

JAKARTA (rambuenergy.com) – Australia’s oil and gas company Cooper Energy (ASX:COE) announces it has received approval from the Indonesian government for the sale of its Indonesian exploration assets to Mandala Energy Investment Pte Ltd (Mandala).

The planned sale was announced on  February 10, 2016. The receipt of approval satisfies conditions precedent to the transaction, which is now expected to complete within early June 2016.

The transaction involves the sale of Cooper Energy’s interests in the Sumbagsel and Merangin III PSCs located in the South Sumatra Basin for consideration of US$8.25 million.

In addition, Cooper Energy is currently evaluating bids received for its remaining Indonesian asset, the Tangai-Sukananti KSO production licence.

The company previously announced its intention to withdraw from Indonesia in order that resources and focus are concentrated on its growth projects developing Gippsland Basin gas resources.

Cooper Energy holds 55 percent working interest in the Tangai-Sukananti KSO through its subsidiary Cooper Energy Sukananti Ltd (Operator), and the remaining 45 percent working interest is owned by PT Mega Adhyaksa Pratama Sukananti Ltd. The KSO is currently producing at 800 bopd (100% basis), with opportunity to increase to 2,000 bopd. (*)

 

 

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