Artist & Entertainment Group (ASX: AEM) has been granted a trading halt by the ASX today pending an announcement on the acquisition of the Wailawi Oil and Gas project in Indonesia.
Artist & Entertainment has previously announced that it is seeking to take up an interest in the project at Balikpapan in East Kalimantan by taking an assignment of rights from Union Pacific Trading Pty Ltd.
The Wailawi Project was discovered in 1975 and brought into production in 1979 producing gas from just four wells, with peak production reaching 18 million cubic feet of gas per day in 1985.
An additional two more wells were drilled in 1986 with production continuing until 1999.
However the low gas and oil prices brought about by the Asian financial crisis of the late 1990s resulted in the project being placed on care and maintenance and it wasn’t until October 2005 that the field resumed production after Perusda reached a Production Service Agreement with BP Migas.
The halt will last until the earlier of an announcement being made to the market, or the opening or trade on Wednesday 15th August.
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