Australia Listed Cooper Energy Completes Sale of Two PSCs in Indonesia

Australia listed Cooper Energy has completed the sale of its Indonesian exploration assets to Mandala Energy Investment.

Under the transaction, Mandala will acquire 100 percent of the Sumbagsel and Merangin III PSCs located in the South Sumatra Basin.

The decision to sell the assets was made in February this year. Cooper has received proceeds of $9.07 million (approx. A$12.5 million) comprising sale consideration ($8.25 million) and reimbursement of exploration costs to completion, net of Indonesian transfer taxes.  

The sale of the Indonesian exploration permits is the first step in the company’s withdrawal from Indonesia in order that resources and focus are concentrated on its growth projects developing Gippsland Basin gas resources, Cooper said in a statement, adding that the process for the sale of the remaining Indonesian asset, the Tangai-Sukananti KSO production licence, is ongoing.