Australia's Nullarbor closer to acquire Indonesian services co

Australian mining and investment firm Australian mining Nullarbor Holdings Ltd said friday it had entered final stage of negotiations to acquire and Indonesian oil, gas services company.

The company signed last June preliminary agreement that the acquisition would proceed should the Indonesian firm was able to clinch service contract from a producing oil and gas contractor.

"....the tender application process is proceeding as planned and has now reached both the technical and commercialization phases of the bid process. This is the final stage of the bid process prior to the awarding of works order.....," the company said.

The company did not give detail of the acquisition target, citing confidentiality agreement.(alex)