Merger of Kyrgoil and PDA approved by shareholders
Tuesday, January 6 2004 - 12:32 AM WIB
TSX Venture Exchange-listed junior oil company Kyrgoil Holding Corporation announced Monday that the shareholders of Kyrgoil and Petroleum Development Associates (Oil & Gas) Limited (PDA) have approved the proposed merger between Kyrgoil and PDA.
PDA is engage in oil and natural gas exploration and production in Indonesia, Spain and the United Kingdom. In Indonesia it has 10 percent working interest in Lematang PSC onshore South Sumatra. PDA also has 20 percent working interest and operatorship in Asahan PSC and Glagah Kambuna TAC, both are exploration blocks located offshore North Sumatra.
The name of the merged company will be Serica Energy Corporation. Completion of the merger is subject to the approval of the TSX Venture Exchange and is anticipated to be completed in January 2004.(alex)