Saba sells Indonesia property

Fri, 09 Jan 1998, 00:00 WIB | Source: REUTERS

SANTA MARIA (Reuters): Saba Petroleum Co. said Wednesday it is
looking for ways to raise shareholder value, including possible
sale of a stake in its Jatiluhur Block in Indonesia.

Saba said it plans to engage an investment banking firm to
assist in developing alternatives.

"The mandate is consistent with the company's view that the
marketplace has not adequately valued the company and its assets,
such as its Indonesian Jatiluhur Block," Ilyas Chaudhary, chief
executive officer of Saba, said in a statement.

"The Company is presently in serious negotiations with several
large oil companies which have expressed a desire to acquire an
interest in the Jatiluhur Block on terms favorable to Saba."

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