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------- Sound pens red letter to Citarum partners
By Russell Searancke
UK explorer Sound Oil said it has served default notices to its partners in
the Citarum production sharing contract in Indonesia linked to $5.9 million in
unpaid cash calls.
The company said the defaulting parties were operator Bumi Parahyangan
Ranhill Energia Citarum and Bumi Parahyangan Energi, which own 60% and 20%
interests, respectively, in the onshore block.
Sound said the default took effect from midnight on 17 March.
If after 60 days the defaulting parties have not cured their default in all
respects, they will forfeit their interests to the non-defaulting party,
Sound's local subsidiary Mitra Energia.
Gerry Orbell, Sound Oil's chairman, said: "Sound has been very sympathetic
and understanding to the difficulties faced by its partners in paying their
share of the Citarum cash calls. The majority of these calls relate to
contractors who are claiming money for services supplied in drilling last
year's Pasundan well.
"We undertook this serious action of default only after other alternatives
which had been under negotiation were not realised, and when it was evident
that the approved seismic work programme for 2008 was not occurring because of
unpaid cash calls by the defaulting parties.
"We intend to work with partners and contractors to resolve this situation
amicably while at the same time protecting our shareholders' interests.
"As a result of the potential increased financial exposure relating to this
default, Sound is making a strategic review of its assets," he said.
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