Cooper Energy (ASX:COE) has advised that completion of the sale of its 55% interest in the Tangai- Sukananti KSO, South Sumatra Basin, Indonesia is now expected to occur after 29 July 2016.
As announced on 7 June, the company has entered into an agreement with ACL International Ltd. (TSXV:ACL), a Canadian oil and gas company (through its wholly owned subsidiary Bow Energy International Holdings Inc.) and Lamara Energy Pte, a Singapore based oil and gas company, 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 29 July 2016 as anticipated in its announcement of 7 June.
Cooper Energy expects the required regulatory approval will be forthcoming in due course and will work to support that outcome so the transaction may be completed at the earliest practicable date.
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/28072016/cooper-energy-update-on-sale-of-indonesian-assets/