Interra Resouces acquires 49% stake in Mentari Pembuang
Saturday, February 4 2012 - 01:58 AM WIB
Singapore-listed Interra Resources Limited will acquire a 49 percent stake in PT Mentari Pembuang Internasional (MPI), which owns 100 percent participating interest in an onshore oil and gas field in Central Kalimantan, from PT Mentari Abdi Nusa (MAN).
Under the sale and purchase agreement signed on Feb.3. Interra would purchase MPI?s 49 percent share through its wholly owned subsidiary Goldwater KP Pte. Ltd. (GKP) for US$312,000 in cash, with an option to buy a further 18.5 percent from MPI.
The call option may be exercised at any time after the end of the 3-year exploratory period, which commenced on 19 December 2011. Upon exercise of the call option, GKP will hold 67.5 percent of the total issued and paid-up share capital of MPI.
MPI is a limited liability company incorporated in the Republic of Indonesia, which secured a right from upstream authority BPMIGAS in December last year to explore and produce oil and gas in the Kuala Pambuang Block in Central Kalimantan, which covers an area of 7,946 square kilometers.
Interra said that the acquisition would be funded from existing funds on hand and is not expected to have any material impact on the consolidated earnings per share or consolidated net assets per share of the company for the current financial year.
None of the directors or substantial shareholders has any interest, direct or indirect, in the acquisition.
Editing by Roffie Kurniawan