Interra: Long-stop date for acquisition of BBP, others extended

By Ruli Setiawan

SGX-listed Interra Resources Ltd said that the long-stop date for the proposed acquisition of PT Benakat Barat Petroleum (BBP), PT Benakat Oil, PT Indelberg Indonesia, and PT Bintang Sukses Nasional has been extended to December 10.

?The board wishes to announce that the sellers and the company have agreed to extend the long-stop date to 10 December 2014 to allow parties more time to conclude negotiations that are currently on-going between the parties on the proposed acquisition,? the company said in a statement Tuesday.

BBP owns the Benakat Barat oil field in South Sumatra. Interra announced in September of 2013 that its subsidiary Goldwater Indonesia Inc had signed a sales and purchase agreement for the acquisition of BBP. In August of this year, the two sides agreed to reduce the purchase price to US$60 million from $78.5 million.

Editing by Reiner Simanjuntak