Epic Resources undertakes due diligence
Friday, April 27 2012 - 08:53 AM WIB
Australia-listed firm Epic Resources Limited reported the company currently is undertaking a technical due diligence work program on two coal exploration licenses in Kutai Barat Regency, East Kalimantan, the company said in its quarterly report.
The two exploration licenses PT Tata Borneo Wikajaya (TBW) and PT Tata Buana Kharisma (TBK) cover a total land area of 15,500 hectares.
Epic Resources earlier said that it has entered into a conditional agreement to acquire two coal licenses located in East Kalimantan.
The agreement sets out the terms and conditions upon which Epic agrees to acquire up to 100 percent of the issued shares in Subi Cove Development Limited and Jilliby Investments Limited from the companies? respective shareholders.
Subi Cove and Jilliby both in process of putting an arrangement in place with PT Sumber Mulia Sentosa (PSMS) and PT Cahaya Bumi Lestari (CBL), respectively, such that PSMS and CBL becomes a wholly-owned subsidiary of Subi Cove and Jilliby.
PSMS is the holder of 100 percent of the issued capital in TBK through which TBK holds 100 percent of the interest of coal exploration license and CBL is the holder of 100 percent of the issued capital in TBW.
Editing by Adianto P. Simamora