Australia’s Cooper Energy signed an agreement with Canada’s ACL International Ltd. and Lamara Energy Pte, a Singapore-based oil and gas company, for the sale of its 55% interest in the Tangai-Sukananti KSO, South Sumatra Basin, Indonesia, the company said June 7. Cooper entered the agreement through its subsidiary Bow Energy International Holdings Inc.
The transaction will complete the company's withdrawal from Indonesia, which was announced earlier this year as part of its strategy to concentrate on Australia—particularly on the Gippsland Basin gas projects.
Cooper Energy will receive US$4.3 million (AU$5.9 million), including working capital, in total consideration. The sale agreement is subject to regulatory and joint venture approvals.
A deposit of US$0.26 million was paid, and Cooper Energy will receive a further US$3.4 million on completion on July 29. The balance will be received through deferred payments and as receivables fall due.
The sale of the company's Indonesian exploration assets was completed on June 1 for total proceeds of US$9.07 million.
David Maxwell, managing director, said Cooper Energy delivered a 260% increase in proved and probable oil reserves in the KSO area in its most recent reserves report. Production increased about 13x, to about 800 barrels per day (bbl/d) of oil, up from about 60 bbl/d prior to shut-in, he added.
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