Interra fails to acquire Benakat Barat oil field
Wednesday, December 10 2014 - 02:13 PM WIB
SGX-listed Interra Resources Limited announced on Wednesday it has failed to reach the final agreement to acquire PT Benakat Barat Petroleum (BBP), PT Benakat Oil, PT Indelberg Indonesia, and PT Bintang Sukses Nasional by the deadline agreed upon by all parties.
All the firms agreed to negotiate the acquisition last year but the long-stop date for the acquistion has been extended several times.
On Dec. 2, Interra announced that the long-stop date was extended to Dec. 10.
?The Board wishes to announce that the Longstop Date of 10 December 2014 in relation to the Proposed Acquisition has now expired and consequently, the Sale and Purchase Agreement dated 3 September 2013, the Joint Operating Agreement dated 3 September 2013 and the Supplemental Agreement dated 22 August 2014 have all terminated.
?The parties are negotiating and exploring the possibility of entering into a different transaction, the details of which will be announced if an agreement is reached,? the firm said in a statement.
Editing by Johannes Simbolon