Energy Mega raises stake in Tonga PSC to 94%

IDX-listed PT Energi Mega Persada reported on Friday that it has increased an additional 41 percent stake in Tonga PSC from PT Capitalinc Investment and PT Capital Petroline for US$41.7 million.

Consequently, Energi Mega?s stake in Tonga PSC increases from previously 53.4375 percent to 94.2875 percent.

CEO Imam Agustino said: ?We see a lot of upside in the Tonga PSC. We have an aggressive plan to monetize its oil reserves and prospective resources in the near term.?

Tonga PSC is a producing oil block located in North Sumatera. It has proven and probable oil reserves of 3.54 million barrels and prospective oil resources of up to 61 million barrels.

Editing by Dadan Wijaksana