Benakat completes share divestment to Goldwater
Friday, June 12 2015 - 01:01 AM WIB
IDX-listed PT Benakat Integra Tbk (BI) announced on Thursday that it has completed the divestment of 71,031,024 shares or equal with 21.510812 percent of its ownership under PT Benakat Oil (BO) to Goldwater Indonesia Inc. (GII), a limited liability company duly establish under the law of British Virgin Islands which is wholly owned by Interra Resources Limited, a public listed company in Singapore (GII)
Pursuant to the Conditional Sale and Purchase of Share Agreement (CSPA) dated March 12, 2015 between the company and GII, the agreed transaction value of the divestment of 21.510812 percent of its ownership under BO is US$7,358,313 with agreed further payment where GII will make further payments to BI if 2P oil reserves and 2P gas reserves are discovered at the Baung prospect of the Benakat Barat KSO in South Sumatra.
Under the operations cooperation agreement (KSO) with PT Pertamina EP signed on March 16, 2009, Benakat holds an undivided 100 percent interest in the Benakat Barat KSO and has the rights and obligations to exploit, develop and explore for hydrocarbons in the block.
Editing by Johannes Simbolon