Liquidation of an oilfield production company

Jurisdictions involved in this assignment

Indonesia

The business and background

HyOil Pte Limited, through its wholly-owned subsidiaries in Canada and Indonesia, own the 100% participating interest in a Production Sharing Contract to produce oilfields located in offshore East Java, Indonesia.

We were appointed by the Court as the liquidator, and we are currently in the process of ascertaining the position.

What we did

We expect to take control of the subsidiaries onshore and once this is established, we will formally engage with the Indonesian Government in an attempt to sell the company’s interest in the asset.

The outcome

This engagement is ongoing.