Pan Orient Energy entered into an agreement to transfer 51% direct working interest in, and operatorship of, Indonesia’s onshore and offshore East Jabung production-sharing contract to a wholly owned subsidiary of Talisman Energy. The subsidiary will pay USD 8 million in cash and allow Pan Orient an option to acquire 20% working interest in the Talisman-operated South Sumatra joint study area. The transaction is subject to approval by the Indonesian government and is expected to close in March 2015.
Don't miss out on the latest technology delivered to your email weekly. Sign up for the JPT newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.