Bintang Mitra sells Kaya TAC
Saturday, March 19 2011 - 02:42 AM WIB
Jakarta-listed firm PT Bintang Mitra Semestaraya Tbk reported on Friday that its has signed deal to sell its entire stake at Kaya TAC to PT Bukit Apit Bumi Persada for US$1.050 million.
The company controls Kaya TAC, a small exploration field onshore South Sumatra, through subsidiary PT Indama Putrakaya Pratama.
The company said the decision to sell the asset was made after a report conducted by Bandung Institute of Technology concluded that the concession is high-risk exploration area with small chance of oil discovery. (alex)