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.



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