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Cooper Energy Fails to Complete Sale of its Indonesian Production Assets

Source: www.gulfoilandgas.com 8/24/2016, Location: Asia

Cooper Energy has advised that the transaction for the sale of its 55% interest in the TangaiSukananti KSO, South Sumatra Basin, Indonesia to ACL International and Lamara Energy announced to the ASX on 7 June will not complete.

As announced to the ASX on 28 July, regulatory approvals required for completion of the transaction were not secured in time for the original anticipated completion date of 29 July. While pursuit of the required approvals was ongoing, the buyer of the assets declined an extension to the transaction sunset date and exercised its right to terminate the sale and purchase agreement.

As a consequence, the proposed transaction will lapse and Cooper Energy will pursue other options for sale of the asset, which is currently producing at approx. 500 bopd (Cooper Energy interest: 55%) and is cash generating.

Cooper Energy Managing Director David Maxwell said that non-completion of the transaction would have a favourable impact on the company’s operating cash flow and sales revenue.

'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' said Mr Maxwell.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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