EEX Completes Agreement to Sell Indonesian Assets.Business/Energy Editors HOUSTON--(BUSINESS WIRE)--April 9, 2002 EEX EEX European Energy Exchange EEX Enter Exponent Corporation (NYSE NYSE See: New York Stock Exchange :EEX) has received signed stock purchase agreements to sell to PT Medco Energi Internasional all of EEX's assets in Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago. . The agreements cover all of the shares of two companies that own a 25% interest in the Tuban Tuban is a small town and regency in East Java, Indonesia. It is located on the north coast of Java, about 110 km east of Surabaya, and borders Lamongan and Bojonegoro regencies, and to the west, Rembang, Central Java. Concession, onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. Java, and a 15% interest in the Asahan Concession, offshore Sumatra. As previously announced, the agreements are subject to customary closing conditions and regulatory approvals of Indonesian authorities that must be met before closing. The effective date of the sale under the agreements is Sept. 30, 2001. EEX expects closing to occur in four to six weeks. EEX estimates that if the transactions contemplated by the agreements had closed on March 31, 2002, EEX would have received approximately $27 million in cash, the agreed purchase price of $34.5 million less the net cash flows received by EEX from Sept. 30, 2001 to March 31, 2002. Waterous & Co. represented EEX in the sale of the Indonesian assets. EEX Corporation is an oil and natural gas exploration and production company with activities currently focused in Texas, Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of MexicoGolfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . This report includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although EEX believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Results of the current periods may not be indicative of future results. Important factors that could cause actual results to differ materially from those reported and in forward-looking statements include the timing and extent of changes in commodity prices, the ability to sell or lease the Cooper Infrastructure, the timing and extent of success in drilling, discovering, developing and producing or acquiring oil and gas reserves, the extent of our reserve potential, the ability to negotiate a new credit agreement, liquidity and the ability to fund capital programs, conditions of the capital and equity markets, federal and state regulatory developments, and political developments in foreign countries. EEX's periodic reports filed with the Securities and Exchange Commission include a discussion of important factors that could cause actual results to differ materially from those indicated in forward-looking statements. For additional information, call 888/EEX-NEWS, or visit our Web site at http://www.eex.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion