GSB takes over Bukit Barisan block
Thursday, November 13 2014 - 08:09 AM WIB
PT Graha Sumber Berkah (GSB) through its subsidiaries PT Citra Sarana Energi and PT Wisesa Inspirasi Sumatera has bought out PT Radian Bukit Barisan E&P (RBB), a unit of IDX-listed Radiant Utama Interinsco Tbk, a deal which has effectively made GSB the majority owner of South West Bukit Barisan PSC in central Sumatra.
RBB said in a statement on Thursday the acquisition was approved by upstream authority SKK Migas on Nov. 11, 2014. The following day, on Nov. 2, RBB signed the buyout deal with both GSB?s units.
According to Radiant Utama?s website, RBB is the operator and owner of 51 percent interest in South West Bukit Barisan PSC with the remaining 49 percent interest owned by PC (SKR) International Ltd. The PSC was signed on Nov. 13, 2008.
RBB has a 3-year and 6-year firm commitment on the block, which ends this month. If the firm is unable to meet the firm commitment, by law the block should be returned to the government.
Due to financial difficulties, RBB said it was looking for partners to meet the firm commitment over the past one year. GSB expressed interest to take over RBB?s interest in the block, lending the firm US$6 million before SKK Migas approved the acquisition.
Editing by Johannes Simbolon