Interra acquires 30% stake in Tanjung Timur TAC

Singapore exchanger listed firm Interra Resources Limited announced Wednesday that its wholly-owned subsidiary, Goldwater TMT Pte. Ltd. had entered into an assignment agreement with PT Retco Prima Energy (RPE) to acquire RPE?s remaining 30% participating interest in the Tanjung Miring Timur TAC for an aggregate purchase consideration of US$6.9 million to be made in cash.

The purchase price will be funded partly from the balance of the net proceeds of approximately S$4.7 million raised from the placement completed on 4 April 2011 and the remaining portion from existing funds on hand, it said.

Prior to the deal, Interra owns a 70% interest in the TAC. The owner of the remaining 30% and operator of the field is PT Retco Prima Energi.

Tanjung Miring TAC is located in onshore South Sumatra. (denny)