EOR completes acquisition of interest in Wailai oil, gas project

By Romel S. Gurky

ASX-listed Enhanced Oil & Gas Recovery Limited (EOR) said Wednesday that it has executed a Share Purchase Agreement to acquire 100 percent of Centre Energy Petroleum (CEP) from Vibrant Link SDN BHD, KEH Industrial Park SDN BHD and Union Pacific Trading Pty Ltd.

The company said in a statement that CEP holds an 85 percent economic/participatory interest in PT Benuo Taka Wailawi (a joint venture company with Perusda Benuo Taka, which is owned by the government of Penajam Paser Utara Regency, East Kalimantan), which is the holder of an extended and amended co-operation agreement in the Wailawi oil and gas field in East Kalimantan, Indonesia.

CEP holds the rights on behalf of the joint venture company to operate the Wailawi oil and gas project pursuant to the extended and amended co-operation agreement.

?The acquisition of CEP is constituted by shares in EOR to the value of AU$12.8 million or any such lesser value as determined by the independent valuer,? EOR said in the statement.

Editing by Reiner Simanjuntak