Indelberg has no plan to sell interest in Suci block

PT Indelberg Indonesia Perkasa (IIP) said on Thursday it had no plan to sell its interest in the Suci block onshore East Java, dismissing a report that a Singaporean firm would buy a stake in the block.

"IIP has never sold its interest in the block, and would not intend to do so," the company said in the letter to clarify Petromindo. Com's recent report that Singapore Exchange-listed firm Richland Group Limited would buy a stake in the block.

Richland recently said in a statement to the Singapore Stock Exchange that it would pay US$150 million to Tristar Global Holdings Corp. to acquire the latter's stake in Elnusa Tristar Ramba Limited (ETR). Under the deal, Richland will get shares owned by TriStar in Lemang PSC and Suci field.

IIP did not specify the amount of its interest in the block. He however insisted that firm remained the Operation Cooperation (KSO) contractor of the block under the contract signed with state oil and gas company PT Pertamina on April 25, last year.

"IIP will not sell its interest in the block at least within three years or until the end of the firm commitment as stated in the joint operation contract," the company said in the letter.

The Lemang block (4,238 square km) is located onshore South Sumatra, while Suci block (1,538 square km) is located onshore on East Java.(denny)