EOR to Pay Lower Purchase Price for Indonesia's Wailawi Field Operator CEP

Australia's Enhanced Oil and Gas Recovery Ltd. (EOR) announced Tuesday that the firm has re-negotiated the purchase price for the acquisition of 100 percent interest in Centre Energy Petroleum Ltd. (CEP), operator of the Wailawi Oil & Gas Project in East Kalimantan, Indonesia.

The new purchase price, pegged at $3.72 million (AUD 5,110,051) compared to the original price of $9.31 million (AUD 12.8 million), was re-negotitated to "reflect the current market price for oil and gas while maintaining shareholder value going forward," EOR said in the press release.

CEP holds an 85 percent economic/participatory interest in P.T. Benuo Taka Wailawi (Joint Venture Company) -- holder of an Extended and Amended Co-operation Agreement for the Wailawi Oil and Gas Project. The project covers 11.87 square miles (30.74 square kilometers) and is located in the southern part of the Mahakam Delta Complex of the petroleum producing Kutai Basin, 7.5 miles (12 kilometers) southwest of Balikpapan in East Kalimantan, Indonesia.

Upon completion of the Share Purchase Agreement, Ross Hill would assume the role of chairman of CEP, while John Carmody will take on a technical advisory role for the Wailawi Oil and Gas Project.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  SolstadFarstad Emerges After Company M... (Jun 22)
 -  Gas Leak at Gjoa (Jun 22)
 -  Total Energy Services Completes Savann... (Jun 21)
 -  Norwegian Production Declining (Jun 21)
 -  Monadelphous in 'Major' Contract Win (Jun 21)


Most Popular Articles

From the Career Center
Jobs that may interest you
Landman / STEM Lease Specialist
Expertise: Landman
Location: Denver, CO
 
CDL Driver - Memphis (OTR)
Expertise: Business Development|Dispatcher
Location: Memphis, TN
 
Manager, HR Systems
Expertise: Executive|HR - General
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $44.82/BBL 2.60%
Light Crude Oil : $42.53/BBL 1.61%
Natural Gas : $2.89/MMBtu 0.68%
Updated in last 24 hours