HOUSTON (Yosefardi) – Swift Energy Company had Tuesday (July 15) closed its previously announced agreement with PT Saka Energi Indonesia to fully develop 8,300 acres of Fasken area Eagle Ford shale properties owned by Swift Energy in Webb County, Texas.
Swift Energy sold a 36% full participating interest in Swift Energy’s Fasken properties to Saka for $175 million in total cash consideration, with $125 million (subject to adjustments for interim operations) to be paid at closing and $50 million in cash to be paid by Saka over time to carry a portion of Swift Energy’s field development costs incurred after the January 1, 2014 effective date.
J.P. Morgan Securities LLC acted as financial advisor to Swift Energy in this transaction.
PT Saka Energi Indonesia was formed on June 27, 2011, as the upstream oil and gas subsidiary of PT Perusahaan Gas Negara (Persero) Tbk (PGN), Indonesia’s largest natural gas transportation and distribution company, which is listed on the Indonesian Stock Exchange (IDX).