Cooper Energy Says Buyers Keen to Acquire Tangai-Sukananti KSO in Sumatra

Australia's Cooper Energy Ltd. reported Thursday that potential buyers have shown interests in acquiring the company's oil producing asset in the Tangai-Sukananti KSO in the South Sumatran Basin, Indonesia.

Cooper Energy, which holds a 55 percent stake in the onshore Indonesian block, said the sales process for the production acreage is ongoing with good interest levels, according to a company presentation to investors.

Current production from the Tangai-Sukananti KSO is around 800 barrels of oil per day (bopd), which could rise to 2,000 bopd based on a plan to upgrade the processing and transport capacity and conduct development drilling. The firm said the block holds an estimated Proved plus Probable Reserves of 3.1 million barrels as at June 30, 2015.

Meanwhile, Cooper Energy expects the $8.25 million sale of its 100 percent held Sumbagsel and Merangin III Production Sharing Contracts (PSC) in the South Sumatran Basin to Singapore-based Mandala Energy Ltd. to be completed within financial year 2016 ending June 30. The sale will remove Cooper Energy's license commitments to drill 2 exploration wells and seismic work in the PSCs.

Cooper Energy is divesting its international interests to refocus on upstream opportunities in Australia.



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
 -  Zion Granted Approval to Drill Well On... (Dec 2)
 -  Production Drilling Begins at Mariner ... (Dec 2)
 -  Subsea 7 Secures Services Contract wit... (Dec 2)
 -  Eni: Oil Worker Dies Following Congo P... (Dec 2)
 -  FAR Refutes Claims that it cannot Farm... (Dec 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
Regional Sales Manager
Expertise: Business Development|Sales
Location: Houston
 
Operations Manager
Expertise: Operations Management|Process Management|Regulatory Compliance
Location: Kermit, TX
 
Senior Project Manager
Expertise: Project Management
Location: Kennesaw, GA
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours