Cooper Energy Limited
(ASX:COE) has agreed to sell its 55% stake in the Tangai-Sukananti KSO in Indonesia for $5.9 million.
Cooper Energy will sell its Indonesian oil producing asset to ACL International Ltd, a Canadian oil and gas company, and Lamara Energy Pte, a Singaporean company.
The company says the completion date for this deal is 29 July 2016, and the sale will result in an immaterial loss – around $2 million against the book value at 31 December 2015.
This transaction will complete the company’s withdrawal from Indonesia, as part of its strategy to concentrate on Australia – particularly on the Gippsland Basin gas projects.
Cooper Energy reported a net loss of $34.1 million at 31 December 2015.
