Peak?s JV partner KRX Energy secures additional funding
Tuesday, June 18 2013 - 02:53 AM WIB
ASX-listed Peak Oil & Gas Limited (Peak) said on Tuesday that its South Block A (SBA) joint venture (JV) partner, KRX Energy Pte Ltd (KRX), has secured further funding for its portfolio of North Sumatra projects including its interest in the SBA production sharing contract, operated by Renco Elang Energy Pte Ltd (REE), a company controlled by Peak.
Lion Energy Limited announced on Monday that it has entered into a binding set of agreements with KRX and Risco which will see Risco emerge as a 48 percent shareholder in Lion and for Lion to own 100 percent of KRX.
Incorporated in Singapore, Risco is a private energy investment company pursuing oil and gas development and exploration projects in South-East Asia.
Peak Managing Director, Jeff Steketee, said that the proposed investment in SBA by Risco marked a recognition of the potential value of the asset.
Editing by Benget Besalicto Tnb.