Interra acquires W. Papua oilfield
Tuesday, August 31 2010 - 11:05 AM WIB
Singapore Exchange-listed firm Interra Resources Limited announced on Tuesday that it has signed deal with Merona Capital Limited to acquire the entire issued shares of IBN Oil Holdico Ltd (?IOH?), which owns 100% interest in Linda Sela Raya Technical Assistance Contract (TAC) onshore West Papua for US$6.25 million.
The TAC area will expire in 2018.
According to the company, the latest reserves government-owned oil, gas research agency LEMIGAS shows that the concession has a reserve of about 9.6 million barrels of oil as at March 2007. (alex)