The Indonesian Ministry of Energy and Mineral Resources and the regulator, SKK Migas, have approved the sale of a 50% participating interest and the transfer of Operatorship to Santos.
Further to the company’s ASX release dated 22 August 2013, the 50% interest in the Northwest Natuna PSC was sold to a subsidiary of Santos for total consideration of $188m.
This comprises $100m payable on completion and a $88m capital expenditure carry, cost recoverable to AWE. The effective date for the sale is 1 July 2013.
AWE acquired 100% of the Northwest Natuna PSC in February 2012 for $39m plus USD100 million in debt.
