Northcote partners with CEB for O&G opportunities in Indonesia

Northcote Energy Ltd. has entered into a participation agreement and equity investment in CEB Resources plc for oil and gas opportunities in Indonesia. This provides a third area of interest for Northcote, alongside its existing opportunities in the reopening Mexican energy sector and its onshore US asset base.

In the agreement with CEB, Northcote will be entitled, at its option, to participate in up to 12.5% of CEB's participation in any concessions or other oil and gas transactions that it secures in Indonesia for a period of five years. 

CEB has also signed an agreement with Corsair Petroleum (Singapore) Pte Ltd., whereby Corsair has agreed to assign a participating interest in a vehicle to CEB which intends to consider and, if applicable, apply for, two oil and gas concessions in Indonesia.

In addition, Northcote has subscribed for 50,000,000 ordinary shares of CEB at a placing price of $0.0061 (GBP 0.004) per share representing an investment of $305,120 (GBP200,000). Northcote earned the participation right in connection with introductions and assistance provided to CEB and its new management team in connection with this transaction.

 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...