Elnusa acquires small S. Sumatra oilfield

IDX-listed oil, gas and services firm PT.Elnusa Tbk announced on Tuesday its plan to acquire 100 percent interest Ramok Senabing TAC, a small oil field onshore South Sumatra.

Under the acquisition plan Elnusa PT.Elnusa Patra Retail will acquire shares of PT.Radiant Ramok Senabing and Gulfstream Ramok Senabing Ltd, which jointly control 100 percent interest of Ramok Senabig TAC.

Upon acquisition completion, Elnusa will transfer 20 percent interest in the TAC to Tradewinds Oil & Gas International Ltd.

The company did not disclose acquisiition price.

Ramok and Senabing oil fields were discovered by the Dutch (BPM) in the early 1900s and production was stopped during the colonial area.

Commercial production was restored to Senabing in 2001 and Ramok in 2005. Total current production is approximately 85 bbls/day, which is primarily from Senabing field.

(alex)