Mitra Energy, Petra sign LoI for possible merger

By Romel S. Gurky

Privately-owned independent oil and gas exploration firm Mitra Energy Limited has signed a letter of intent (LoI) with TSX-listed Petra Petroleum Inc for possible business combination of the two firms.

Mitra said in a statement Thursday that the LoI was signed on August 28, and both sides expected to be able to sign a definitive agreement on or before October 15 of this year once the necessary conditions and due diligence process have been met.

?Petra and Mitra intend to complete a business combination and the resulting entity is hereinafter referred to as ?Topco?. Upon completion of the proposed transaction, Topco will be engaged in the business of exploration and development of Topco?s combined assets. In addition, Topco may explore and develop such other assets and interests as may be subsequently acquired by Topco,? Mitra said in the statement.

Mitra is a privately owned, independent oil and gas company focused on Southeast Asia. The company owns stakes in various oil and gas assets in Indonesia including the NE Natuna PSC, Biliton PSC, Bone PSC, North Madura PSC, Sibaru PSC and Titan PSC.

Editing by Reiner Simanjuntak