Goldwater signs agreement to acquire shares in Benakat Oil

By Romel S. Gurky

SGX-listed Interra Resources Limited said that its fully-owned subsidiary Goldwater Indonesia Inc. (GII), has entered into a conditional sale and purchase agreement (CSPA) dated March 12 with PT Benakat Integra TBK (BI), PT Benakat Oil (BO) and PT Bangkudulis Patina Petroleum (BPP), for the proposed acquisition by GII of 71,031,024 ordinary and fully paid-up shares in BO, which translates into an indirect holding of 20 percent of PT Benakat Barat Petroleum (BBP), at the purchase price of US$7,358,313.

The purchase price payable by GII for the sale shares is based on the consolidated net tangible assets (NTA) of the Benakat Group (comprising of BO, BBP, and PT Indelberg Indonesia) as on November 30, 2014, and subject to the adjustment mechanism set out in the CSPA, Interra said in a statement Thursday.

Upon the completion of the proposed acquisition in accordance with the CSPA, Interra will control about 21.5 percent of BO through GII. The completion date of the proposed acquisition shall be on the second business day after the date upon which the last of the conditions precedent set out in the CSPA is satisfied or waived, provided that completion shall not take place more than six (6) weeks from the date of execution of the CSPA, unless otherwise mutually agreed by the parties.

BBP is a limited liability company incorporated under the laws of Indonesia. Pursuant to an operations cooperation agreement (the Benakat Barat KSO) entered into between BBP and PT Pertamina EP on March 16, 2009, BBP holds an undivided 100 percent interest in the Benakat Barat KSO and has the rights and obligations to exploit, develop and explore for hydrocarbons in the Benakat Barat field in South Sumatra.

Editing by Reiner Simanjuntak