ACL, Lamara Acquire Tangai-Sukananti KSO in South Sumatra Basin for $4.3M

Australia's Cooper Energy announced Tuesday that it has signed an agreement to sell 55 percent interest in the Tangai-Sukananti KSO in South Sumatra Basin, Indonesia to a joint venture comprising Canada's ACL International Ltd. -- through its wholloy owned subsidiary Bow Energy International Holding Inc. -- and Singapore-based Lamara Energy Pte Ltd. for $4.3 million (AUD 5.9 million).

Under the deal, subject to regulatory and joint venture approvals, Cooper Energy received a deposit of $0.26 million and will collect another $3.4 million on completion July 29, with the remainder to be received through deferred payments and as receivables fall due.

The sale completes the Cooper Energy’s withdrawal from Indonesia -- where exploration assets were sold to Mandala Energy Investment Pte Ltd. earlier for $9.07 million -- as the company focuses on Australia, particularly on its Gippsland Basin gas projects.

“The efforts and technical judgement of our team in Indonesia delivered a 260 percent increase in proved and probable oil reserves in the KSO in our most recent reserves report. Production has been increased around 13 times from approximately 60 barrels of oil per day prior to being shut in under previous ownership to the current rate of approximately 800 barrels per day, with substantial upside from the development plans the team has prepared," Cooper Energy Managing Director David Maxwell said in the press release.

ACL Director Aqeel Virk said the acquisition will add to its existing Indonesian assets and be complementary with the firm's experience, while the synergy with Lamara further strengthens its operations in the country.

“Cooper Energy’s accomplishments with the KSO are well recognized and they have developed a positive relationship with the license holder, Pertamina. The existing business is in good standing in today’s oil price environment, and represents a solid base for growth,” Lamara Energy’s three Founding Directors, Will Rathvon, Bret Mattes and Rob Lemmey commented in the same press statement.



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
 -  SapuraKencana: Short-Term Industry Out... (Dec 8)
 -  Oil Flows From Otakikpo Marginal Field... (Dec 8)
 -  Plexus: More Cuts Expected (Dec 8)
 -  OPITO: UK Energy Sector Apprenticeship... (Dec 8)
 -  Doosan Babcock to Cut Almost 500 UK Jo... (Dec 7)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Project Management
Location: Houston, TX
 
GIS Intern Job
Expertise: Cartography / Mapping|Landman|Modeling
Location: Eau Claire, WI
 
Chemicals, Sales Account Manager, Oil & Gas - Midland - Odessa TX
Expertise: Business Development|Marketing|Sales
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $53/BBL 1.72%
Light Crude Oil : $49.77/BBL 2.27%
Natural Gas : $3.6/MMBtu 1.09%
Updated in last 24 hours