Bakrie tells EMP to cancel sale of E. Java PSC interest

IDX-listed oil, gas firm PT.Energi Mega Persada might cancel its plan to divest its 50 percent interest in Kangean PSC offshore East Java, controlling shareholder IDX-listed PT.Bakrie and Brothers (BNBR) said.

Bisnis Indonesia reported on Monday that that Nirwan Bakrie of Bakrie family said that such move would greatly reduced the company?s value as Kangean block is EMP?s biggest asset.

EMP is in talks to sell interest in Kangean with its 50percent partner in the block Mitsubishi Corp. and Japan Petroleum Exploration Co.Ltd to help settling its un-matured debts.

?BNBR will block any attempt to sell interest in Kangean block,? he said.(*)