Cooper Energy Says Buyers Keen to Acquire Tangai-Sukananti KSO in Sumatra

Australia's Cooper Energy Ltd. reported Thursday that potential buyers have shown interests in acquiring the company's oil producing asset in the Tangai-Sukananti KSO in the South Sumatran Basin, Indonesia.

Cooper Energy, which holds a 55 percent stake in the onshore Indonesian block, said the sales process for the production acreage is ongoing with good interest levels, according to a company presentation to investors.

Current production from the Tangai-Sukananti KSO is around 800 barrels of oil per day (bopd), which could rise to 2,000 bopd based on a plan to upgrade the processing and transport capacity and conduct development drilling. The firm said the block holds an estimated Proved plus Probable Reserves of 3.1 million barrels as at June 30, 2015.

Meanwhile, Cooper Energy expects the $8.25 million sale of its 100 percent held Sumbagsel and Merangin III Production Sharing Contracts (PSC) in the South Sumatran Basin to Singapore-based Mandala Energy Ltd. to be completed within financial year 2016 ending June 30. The sale will remove Cooper Energy's license commitments to drill 2 exploration wells and seismic work in the PSCs.

Cooper Energy is divesting its international interests to refocus on upstream opportunities in Australia.


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