Barito Pacific acquires stake at E. Java gas block
Monday, May 10 2010 - 01:51 AM WIB
IDX-listed diversified firm PT Barito Pacific Tbk reported on Friday that it has indirectly acquired 4.9 percent interest in Santos-operated Madura Offshore PSC, East Java, through acquisition of 49 percent shares of local firm PT Petrogas Pantai Madura (PPM).
PPM has 10 percent working interest in Madura Offshore PSC, in which Australian oil, gas firm Santos Limited has 67.5 percent interest. The PSC produces some 110 MMCFD of gas from Maleo field which is entirely sold to IDX-listed state gas distributor PGN.
The Company did not disclose acquisition price but said it would provide PPM maximum of US$8.5 million loan guaranteed by PPM?s future revenue. The loan would have tenure of 3 years and would be disbursed starting June this year. (alex)