As announced in February, Cooper Energy Ltd., Adelaide, has sold two Indonesian exploration permits to Mandala Energy Investment Pte. Ltd. for $9.07 million comprising sale consideration ($8.25 million) and reimbursement of exploration costs to completion, net of Indonesian transfer taxes.
The sale of the permits is the “first step in the company’s withdrawal from Indonesia,” the company said. The wholly owned Sumbagsel and Merangin III PSCs are onshore in the South Sumatra basin near the producing Tangai-Sukananti KSO production license. The sale of its exploration permits alleviates Cooper of a two-well commitment and seismic work.
The 18.25-sq-km Tangai-Sukananti KSO area contains Sukananti, Bunian, and Tangai fields. Cooper began redeveloping the area with the Bunian 1 well in 2011 (OGJ Online, Mar. 15, 2011). At the time, the company said the three fields had produced 1.08 million bbl of oil to date, and it expected to recover an additional 1 million bbl. The area currently produces 800 b/d of oil from the Talang Akar (Miocene) formation with opportunities to increase to 2,000 b/d, Cooper said.
The company shot 9.4 sq miles of 3D seismic on the block later in 2011 (OGJ Online, Nov. 17, 2011).
Cooper holds 55% interest as operator and private Indonesian firm, Mega Adhyaksa Pratama, holds the remaining 45% in the Tangai-Sukananti KSO development. Cooper plans to divest its last remaining production asset in Indonesia by June.
Contact Tayvis Dunnahoe at email@example.com.