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Saba Petroleum to Hire Investment Banker

January 09, 1998|Bloomberg News

Saba Petroleum Co. said it will hire an investment banker to help the firm figure out how to increase its value. The energy company believes its share price doesn't reflect the full value of its assets, including its contract to explore for and produce oil and natural gas on 1.7 million acres in Indonesia. On Thursday, shares fell 94 cents to close at $6.06. Saba shares have fallen 76%, from $24.99 in early 1997. Santa Maria-based Saba already is in negotiations with several large oil companies interested in buying a stake in the Jatiluhur exploration area in Indonesia.

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