Borneo Oil withdraws plan to acquire Haurgeulis TAC

Malaysian firm Borneo Oil Bhd has decided not to complete the acquisition of the entire issued and paid up capital of PT Pelangi Haurgeulis Resources (PHR) following the results of the technical, financial and legal due diligence.

 

In a statement to the Bursa Malaysia on Wednesday, Borneo Oil said that this was due to “consideration the potential returns and the risks involved”.

 

Borneo Oil plans to acquire PHR for US$9 million in cash.

 

PHR is the operator of Haurgeulis TAC in West Java , which is currently producing about 1.5 million cubic feet of natural gas per day. (Robert)