Energi Mega moves to double interest in ONWJ block

By Romel S. Gurky

IDX-listed PT Energi Mega Persada Tbk. said last weekend that its subsidiary EMP Holdings Singapore Ptc. Ltd. on August 1 signed a share sale and purchase agreement with Owen Holdings Limited for the purchase of a 49 percent stake in EMP International (BV1) Ltd. (EIBL).

The company currently through its 51 percent stake in EIBL holds an effective working interest of 18.73 percent in Offshore North West Java (ONWJ) block, while Owen holds a 17.99 percent interest in the block through its 49 percent stake in EIBL.

Once the transaction with Owen is completed, Energi Mega will own 100 percent of EIBL, thus increasing its interest in the ONWJ block to 36.72 percent.

Editing by Reiner Simanjuntak