Cooper Energy has signed an agreement for the sale of its Indonesian exploration assets to Mandala Energy Limited for $8.25million.
The sale is subject to final approval from the Government of Indonesia and is expected to be completed within this financial year.
Mandala will acquire a 100% stake of the Sumbagsel and Merangin III production sharing contracts in the South Sumatra basin.
The sale is part of a move by Cooper Energy, announced in December, to divest its Indonesian portfolio.
David Maxwell, Cooper Energy’s managing director, said: “Today’s transaction marks another important step in our strategy to concentrate Cooper Energy’s resources and efforts on the eastern Australian energy market.
“Moreover, it will provide timely capital management benefits as we move towards a Final Investment Decision on the Sole Gas Project.”
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