Novus in Kakap oil field

Novus in Kakap oil field

SYDNEY (Reuter): Novus Petroleum Ltd said it has agreed to pay US$10.2 million to the U.S.-based Marathon International Oil Co to lift its stake in Indonesia's Kakap offshore oil field to 25 percent from 18.75 percent.

Novus said it reached final agreement on the sale on Monday, picking up another 6.25 percent from Marathon, which is selling its entire 37.5 percent stake in the Kakap production sharing contract.

Marathon's remaining 31.25 percent interest has been sold to British-based Clyde Petroleum Plc, which will operate all four oil fields covered by the production sharing contract.

Novus' purchase will be funded from available resources, Novus said, adding the Kakap field had gross output of more than 45,000 barrels per day.

The other participants in the Kakap production sharing contract are Discovery Petroleum NL which holds 18.75 percent, LL&E Indonesia Ltd with 15 percent and Pertamina with 10 percent. At 0040 GMT, Novus shares were one cent higher at A$1.54.