Nullarbor closes deal to acquire interest in S. Sumatra exploration block

ASX-listed firm Nullarbor Holdings Ltd. announced on Friday that it had executed deal to acquire 40 percent working interest in Belida PSC exploration block in South Sumatra from PT. Sele Raya Belida.

Under the deal, Nullarbor will pay Sele Raya US$ 3 million in staged payment. In addition, Nullabor has also obligation to fund up to 200 kms of 2D seismic and an exploration well with an estimated costs of $4 million. (alex)