Australia's Cooper Energy Fully Exits Indonesia

Cooper Energy has exited Indonesia by selling its final remaining asset in Indonesia.

The company on Tuesday said its signed an agreement with ACL International, a Canadian oil and gas company and Lamara Energy, a Singapore based oil and gas company, for the sale of its 55 percent interest in the Tangai-Sukananti KSO, South Sumatra Basin, Indonesia. Under the terms of the agreement, Cooper Energy will receive total consideration of $4.3 million (A$5.9 million) inclusive of working capital.  The sale agreement is subject to regulatory and joint venture approvals.

The transaction will complete the company’s withdrawal from Indonesia, announced earlier this year as part of its strategy to concentrate on Australia and in particular on the Gippsland Basin gas projects. 

Earlier this month, the Australia listed Cooper Energy completed the sale of its 100 percent stake in the Sumbagsel and Merangin III PSCs located in the South Sumatra Basin to Mandala Energy Investment.