Bhakti closes Papua block acquisition

IDX-listed diversified firm PT Bhakti Investama has completed acquisition of majority interest at an exploration block offshore West Papua.

Director Boediono told Petromindo.Com on Tuesday that the company now controlled 85 percent interest at Semai III block and will become operator. The remainder of the interest is owned by previous operator PT Suma Sarana, he said.

The block was awarded to Suma Sarana in 2008. Suma Sarana paid US$6 million signing bonus and committed to drilling two wells in the block.

Boediono said earlier that seismic on the block is scheduled to start late this year with first drilling expected in 2012. (giok)