Indonesia: Risco to buy Java, Sumatra interests

By OGJ editors

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.

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