Aussie?s Jatoil to focus on Indonesian projects instead of Vietnam

Australian-exchange listed jatropha grower firm Jatoil Limited announced Friday that following a strategic review of its operations it would concentrate future investment on its growing Indonesian jatropha biofuel project and its recently announced proposed coal development.

As a result of the review Jatoil has decided to suspend its further investment in its part-owned Vietnam jatropha project with Green Energy Vietnam (GEV), the company said in statement.

Jatoil Chief Executive Officer, Phil Hodgson said, ?Jatoil has decided to suspend further capital injection into the GEV venture at this stage. Our financial resources are best directed to Indonesia for our jatropha and proposed coal developments, which have significant potential.?

?Our Indonesian jatropha project with PT Waterland International has already produced our first revenue with the crude oil headed for the aviation industry. The PT Jatoil Waterland business model is proving very successful.?

Jatropha had entered HoA to acquire significant coal assets in Kalimantan with an early-stage mining operation would commence within nine months.

Jatoil has agreed, subject to the completion of various conditions precedent including the execution of a Share Purchase Agreement and final due diligence, to acquire 100% of Blackrock Resources Pty Ltd.

Blackrock is a Sydney based private company that has interests in up to five coal projects in Kalimantan. Blackrock?s coal assets are sited in eastern and central Kalimantan, some being close to the coast and existing infrastructure. It is expected that open-cut coal mining could commence within six to nine months at two project areas. The remaining project areas are currently being secured providing an exploration target of over 90 million tonnes of coal, the company said in Sept 6. (kanti)