Mirach, Permanent sign agreement on Kamundan and Wiriagar

Singapore?listed firm Mirach Energy Limited announced on Wednesday an update to shareholders on the Kamundan and Wiriagar operations

The Company has signed a Conditional Sales and Purchase Agreement with Permanent Rich Energy Limited (?Permanent?), whereby Permanent will receive 20% equity interests in PT Kamundan Energy Limited and PT Petroenergy Utama Wiriagar Limited upon the fulfilment of certain terms and conditions.

Further to the Conditional Sales and Purchase Agreement, Permanent issued two separate Convertible Loan Agreements to PT Kamundan Energy and PT Petroenergy Utama Wiriagar.

Under the convertible loan agreements, Permanent would finance the full amount required (the ?Loan?) for the fulfilment of three years operational obligations (?Firm Commitments?) at both Kamundan and Wiriagar oil and gas blocks, as stipulated in the respective KSO agreements with PT Pertamina. Conditional upon the completion of the Firm Commitments, Permanent can convert the Loan into further equity interests in PT Kamundan Energy and PT Petroenergy Utama Wiriagar.

Permanent is a company incorporated in Hong Kong and is principally engaged in the business of energy exploration and production. (romel)