PTTEP, Pertamina Fail to Complete Acquisition of Pangkar Project
Thailand's PTT Exploration & Production Plc. provided Monday an update on the company's announcement dated Dec. 2, 2013, regarding the acquisition of Hess Corporation’s interests in Indonesian oil & gas producing assets.
PTTEP would like to report on the progress of the acquisition. In December 2013, PTTEP and Pertamina, on a 50:50 basis, completed the transaction to acquire 23 percent participation interest of Natuna Sea A Project, for the equity interests in certain holding entities at $526 million and certain inter-company debts at $124 million. As a result, PTTEP effectively holds 11.5 percent participation interest in Natuna Sea A Project.
Regarding Pangkah Project, the existing joint venture partner exercised its pre-emption rights which was one of the closing conditions prescribed in the Share Purchase Agreements (SPAs) and completed the transaction to acquire the interest for sale in Pangkah Project from Hess Corporation.
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