Benakat Petroleum to float shares at IDX

Local oil, gas firm PT Benakat Petroleum Energy will float its shares at the Indonesian Stock Exchange (IDX) in December this year, a company?s senior official said.

President Director Arifin Wiguna said the company is looking to raise Rp.300-500 billion (US$=Rp.9,650) from the Iinitial Public Offering.

The company?s main asset is Benakat Barat Block, a producing oil block located onshore South Sumatra. The block is currently producing at the rate of 3,000 BPD, he said, adding that production would be boosted to 5,000 BPD next year.

The block is owned by state oil and gas company PT Pertamina, which is run by third party under cooperation contract.

He also said that the company planned to expand portfolio by acquiring upstream assets in Kalimantan. (*)