Cooper Energy Reports Delay in Completing Sale of Tangai-Sukananti KSO

Australia's Cooper Energy Ltd. announced Thursday that the completion of the sale of its 55 percent interest in the Tangai-Sukananti KSO, South Sumatra Basin, Indonesia is expected to occur after July 29.

Cooper Energy has entered into an agreement June 7 with Canadian oil and gas company ACL International Ltd. -- through its wholly owned subsidiary Bow Energy International Holdings Inc.-- and Lamara Energy Pte, a Singapore-based oil and gas firm, for the sale of the interest, subject to regulatory and joint venture approval.

"As regulatory approval has not yet been secured, Cooper Energy considers it unlikely that completion will occur by July 29 as anticipated in its announcement of June 7," Cooper Energy said in the press release.

The Australian company expects the required regulatory approval to be forthcoming and will work to support that outcome so the transaction may be completed as soon as possible.



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