Gulf Oil and Gas accountACCOUNT

Range Resources completes the acquisition of Indonesian oil block

Source: www.gulfoilandgas.com 10/30/2017, Location: Asia

Share |
The Company is pleased to announce that following the announcement on 8 August 2017, the acquisition of interests in an established oil block in Indonesia has completed. As per terms of the acquisition, the Company has acquired a 23% interest (to increase to 42% upon completion of the minimum work programme) in the Perlak field located in a mature hydrocarbon province of Northeast Sumatra.

The agreed minimum work programme covers a 3-year period and includes geological and geophysical studies, well surveying, workovers, and drilling of one new well. The initial geological and geophysical studies have already commenced.

Further details on the acquisition are available in the Company’s announcement released on 8 August 2017: http://www.asx.com.au/asxpdf/20170808/pdf/43l80j74r8qm46.pdf.

Commenting on the acquisition, Chairman, Kerry Gu said: "We are extremely pleased to have completed the acquisition of this highly exciting project. It provides the Company with exposure to another well-established hydrocarbon province and an opportunity to unlock the full potential of the oilfield with a long history of production. Our work programme is aimed at swiftly re-initiating production from the existing wells, firming up the field development plan, and fully exploiting the potential resources.

We are currently in the process of building an experienced team of people in Indonesia to ensure the operations run smoothly and efficiently. We look forward to updating shareholders on the progress of the work programme in due course.”

Mergers and Acquisitions News in Indonesia >>

United States >>  6/12/2018 - Enphase and SunPower announced a definitive agreement for Enphase to acquire SunPower's microinverter business for $25 million in cash and 7.5 million...
United States >>  6/6/2018 - Devon Energy Corp. (DVN) announced it has entered into an agreement to sell its aggregate ownership interests in EnLink Midstream Partners, LP (ENLK) ...

Russia >>  6/4/2018 - ?President of LUKOIL Vagit Alekperov, General Secretary of IndustriALL Global Union Valter Sanches, Chairman of the All-Russian Trade Union of Oil, Ga...
Russia >>  6/1/2018 - The Science and Technology Center of Gazprom Neft and the Skolkovo Institute of Science and Technology signed a collaboration agreement at the Skolkov...

China >>  5/31/2018 - Sino Gas & Energy Holdings Limited (Sino Gas) has entered into a Scheme Implementation Agreement with a wholly owned subsidiary of Lone Star Fund X Ac...
United Kingdom >>  5/31/2018 - GTT Communications, Inc. (GTT), the leading global cloud networking provider to multinational clients, announced today the completion of its acquisiti...

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 


Indonesia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Oil & Gas Projects in Indonesia >>

More News

 

Oil & Gas Companies in Indonesia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.