Indonesia M&A - PT Raharja Energi Cepu to acquire Samudra Energy's 20% interest in the Madura Strait PSC

(Originally posted on December 1, 2025)

Earlier today, PT Raharja Energi Cepu (RATU) were announced as the winning party for the acquisition of Samudra Energy's 20% interest in the Madura Strait PSC that is held through SMS Development Limited (SMSDL). No financial value for the transaction has been announced. Update (December 26, 2025): I believe the deal completed on 25th December 2025. Provided this deal has completed, the rights holdings are now CNOOC (40%), Cenovus (40%) and PT Raharja Energi Cepu (20%), with a CNOOC-Cenovus JV operating the block.