Australia's Cooper Energy Ltd. disclosed Wednesday that the sale of its 55 percent interest in the Tangai-Sukananti KSO, South Sumatra Basin, Indonesia to a Canada-Singapore joint venture would not be completed.
While Cooper Energy tried to extend the deadline to complete the sale following the expiry of the original completion date of July 29, Canadian oil and gas firm ACL International Ltd. and Singapore-based Lamara Energy Pte declined the extension and exercised their rights to terminate the agreement.
Cooper Energy will now pursue other options for sale of the asset, which is currently producing at approximately 500 barrels of oil per day (bopd) and is cash generating.
"Our intention remains to divest the Tangai-Sukananti KSO so that we can concentrate our efforts on our growth projects in the Gippsland Basin. We will continue the sale process and, in the meantime, benefit from the production, revenue and cash flow generated from the KSO," Cooper Energy Managing Director David Maxwell said.
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