Manhattan signs deal to acquire interest in Kalimantan exploration block
Friday, June 9 2006 - 01:50 AM WIB
Singaporean firm Manhattan Resources Limited announced on Thursday it had moved into signing a conditional sale and purchase agreement with related-company Manhattan Kalimantan Investment Pte Ltd to acquire 15% equity stake in Provident Indonesia Energy, LLC for US$10 million through share swap.
Provident, which is a subsidiary of Manhattan Kalimantan, has a 100 percent working interest in Tarakan Offshore PSC, in Tarakan, East Kalimantan. Provident was awarded the block in 2003. (alex)