Kalrez secures funding for Maluku blocks operation
Monday, January 13 2003 - 04:36 AM WIB
Australian oil company Kalrez has finalized negotiations and has agreed with the South Australian investment company Tulloch Lodge Limited to provide a funding combination of A$ 2 million.
The agreed funding combination comprised a shares placement of $500,000 and loan facility of $1.5 million, Kalrez said in a statement on Monday.
The company said it would allocate approximately $450,000 to finance Indonesian based activities in Maluku province.
Kalrez holds 100 percent working interest and operator of Bula production sharing contract (PSC). It also holds a 2.5 percent working interest in Seram PSC, where Kuwaiti Kufpec (Indonesian) Limited is the operator and holds the remaining 97.5 percent.
The blocks are located on Seram Island in Maluku. (robert)