Indonesia's Perusahaan Gas Negara, Medco buy Salamander oil and gas blocks

Wed Mar 13, 2013 7:25am GMT

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Salamander Energy Plc has sold its Kalimantan oil and gas assets to Indonesian energy firms PT Perusahaan Gas Negara Tbk and PT Medco Energi Internasional, Medco and Salamander said on Wednesday.

Salamander swapped its 21 percent participation stake in Simenggaris the block and a 41.7 percent stake in the Bengara-1 block for a 15 percent stake in the Bangkanai-Kerendan block, owned by Medco Energi.

After that transaction, Salamander sold 30 percent of its stake in Bangkanai-Kerendan oil and gas block in Central Kalimantan to Perusahaan Gas Negara's subsidiary PT Saka Energi Indonesia for a total of $57 million.

Medco now fully owns Bengara-1 and has 62.5 percent of Simenggaris, the rest of which owned by Pertamina. Salamander retains 70 percent ownership of Bangkanai-Kerendan.

At 0705 GMT, shares in Medco Energi were up 1.74 percent at 1,750 rupiah, while Perusahaan Gas shares were unchanged at 5,200 rupiah. The broader Jakarta Composite Index was down 0.32 percent.

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