Gulf Oil and Gas accountACCOUNT

Lundin Sells Its Salawati Interests in Indonesia

Source: www.gulfoilandgas.com 9/6/2010, Location: Asia

Lundin Petroleum AB is pleased to announce the signing of a Sale and Purchase Agreement (SPA) with RH Petrogas, to sell its non-operated interests in the Salawati Basin and Island assets, located in the eastern part of Indonesia.

On 6 September 2010 Lundin Petroleum signed a SPA with RHP, a company listed on the Singapore Stock Exchange ("SGX") for the consideration of MUSD 37.1 effective 1 January 2010 with additional payments due in the event of further field development of up to MUSD 3.9. The transaction is subject to various conditions including RHP shareholder approval in accordance with SGX requirements.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments; "We are very pleased with the sale of our Salawati Island and Basin assets in Indonesia with net reserves of 8 MMboe and production of 2,100 boepd to RHP. We remain committed to our exploration driven growth strategy in SE Asia where we will commence a 5 well drilling programme in 2011."

Lundin Petroleum holds 25.936 percent interest in the Salawati Basin asset (Kepala Burung Production Sharing Contract) and 14.5122 percent interest in the Salawati Island asset (Kepala Burung Production Sharing contract), both operated by PetroChina.

Acquisitions and Divestitures News in Indonesia >>

Norway >>  8/17/2019 - Pandion Energy AS has entered into an agreement with ConocoPhillips Skandinavia AS (ConocoPhillips) to acquire a 20 percent interest in PL 891, contai...
Indonesia >>  7/18/2019 - Coro Energy, the Southeast Asian focused upstream oil and gas company, has renegotiated the terms of the proposed acquisition by the Company of a 42.5...

Indonesia >>  7/17/2019 - Mubadala Petroleum announces that it has signed an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I...
Colombia >>  7/16/2019 - Frontera Energy Corporation (FEC) (Frontera) announces the award of the VIM-22 block in addition to LLA-99 block which was previously announced on Jun...

Brazil >>  7/15/2019 - Karoon Energy Ltd (KAR) make the following statement in relation to the news published by Upstream on the 12 July 2019. Karoon confirms it has been n...
China >>  7/15/2019 - MacGregor, part of Cargotec, has received a clearance decision from the Chinese competition regulator, SAMR, for the companyís acquisition of the mari...

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 | 10 |

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.