MITI completes acquisition of Benakat Oil
Wednesday, October 25 2017 - 01:22 AM WIB
SGX-listed Interra Resources Ltd announced Tuesday its IDX-listed subsidiary PT Mitra Investindo Tbk (MITI) has completed the acquisition of 23.44 percent shares in PT Benakat Oil (BO).
?With the completion, the group now holds an effective interest of 32.97 percent in BO, which translates into an indirect holding of 30.65 percent in the Benakat Barat KSO,? Interrra said in a statement, referring to a South Sumatra upstream asset.
Prior to the acquisition, Interra through wholly-owned subsidiary Goldwater Indonesia Inc (GII) holds 21.51 percent shares of BO, which translated into an indirect holding of 20 percent of PT Benakat Barat Petroleum (BBP).
BBP is a limited liability company incorporated under the laws of Indonesia. Pursuant to an operations cooperation agreement (the Benakat Barat KSO) entered into between BBP and PT Pertamina EP on March 16, 2009, BBP holds an undivided 100 percent interest in the Benakat Barat KSO and has the rights and obligations to exploit, develop and explore for hydrocarbons in the Benakat Barat field in South Sumatra.
Editing by Reiner Simanjuntak