IEV inks preliminary funding deal for Pabuaran
Tuesday, August 14 2012 - 02:32 PM WIB
Singapore-listed firm IEV Holdings Limited announced it has entered into a term sheet agreement with a potential investor for the funding of KSO cooperation for the Pabuaran block.
Due diligence of the block will now commence and it is expected to be completed within September 2012.
The final decision on the investment and its details will be announced with the signing of the Sales and Purchase Agreement by both parties, subject to successful due diligence by the Investor.
As announced in February, the block was awarded by Pertamina EP to PT IEV GAS, a subsidiary of IEV, on 16 February 2012.
The block is located 90 kilometers east of Jakarta in the Subang district, West Java, with a total acreage of about 77.036 square km.
Under this award, IEV GAS will undertake exploration and production activities for a 15-year concession period. The funding from Investors will help accelerate the development and commercialization of the award.
Editing by Dadan Wijaksana