Australia’s Cooper Energy completed Wednesday the sale of its Indonesian exploration assets, Sumbagsel and Merangin III Production Sharing Contracts in South Sumatra Basin to Southeast Asia-focused oil and gas exploration and production company Mandala Energy Investment Pte Ltd.
The firm collected the sum of $9.07 million (approximately AUD 12.5 million) from Mandala Energy, comprising a sale consideration of $8.25 million and reimbursement of exploration costs to completion, net of Indonesian transfer taxes.
“The sale of the Indonesian exploration permits is the first step in the company’s withdrawal from Indonesia in order that resources and focus are concentrated on its growth projects developing Gippsland Basin gas resources,” Cooper Energy said in the press release.
Meantime, the firm is continuing with the sale of its remaining Indonesian asset, the Tangai-Sukananti KSO production license in the South Sumatra Basin.
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