Indonesia: Risco to buy Java, Sumatra interests
Risco Energy Pte. Ltd., Singapore, will buy Salamander Energy PLC’s 5% interests in the Offshore Northwest Java and Southeast Sumatra PSCs in Indonesia for $55 million plus $1.3 million in working capital adjustments.
A further deferred cash consideration is payable upon the buyer’s participation in any extension of the ONWJ PSC.
Production attributable to the net 5% interests averaged 6,000 boe/d in the first half of 2011, and net proved and probable reserves are 13 million boe at midyear 2011. The blocks came into production in 1971 and are on long-term decline. PT Pertamina Hulu Energi operates ONWJ, and CNOOC Ltd. operates SES Ltd.
About the Author
Alan Petzet
Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.