Samudra Energy Limited acquires Husky Oil (Madura) Ltd.
Clients Samudra Energy Limited
Jones Day advised Samudra Energy Limited ("Samudra") in connection with its acquisition of a 20% stake in Husky Oil (Madura) Ltd. ("HOML") and related development funding arrangements. HOML holds a 100% participating interest in the Madura Strait Production Sharing Contract in offshore East Java, Indonesia. The Madura Strait PSC covers 2,795 square kilometers and has estimated natural gas reserves of 442 billion cubic feet. Two natural gas fields, the Madura BD and MDA fields, have been discovered on this block. Previously, HOML was owned 50:50 between Husky Oil Madura Partnership ("Husky"), a subsidiary of Husky Energy International Corporation, and CNOOC Southeast Asia Limited ("CNOOC"), a subsidiary of CNOOC Limited. Under the terms of the agreement, each of Husky and CNOOC transferred 10% of HOML shares to Samudra, giving Samudra an effective 20% stake in the Madura Strait PSC.