PEARL increases stake at Papua oil, gas blocks

PEARL Holdings Ltd, an affiliated company of Singapore based Pacific East Asia Resources (Pte) Ltd (PEARL) had completed the purchase of the Indonesian E&P assets of Moeco subsidiaries Mitsui Oil Exploration Co Ltd and Mitsui Oil Exploration Co Salawati Inc.

The assets, both located in Papua province, consist of a 13.13 percent stake in the PetroChina operated onshore Kepala Burung PSC Extension and 6.938 percent of the Pertamina/PetroChina operated on/offshore Salawati Kepala Burung JOA respectively.

Earlier PEARL had also announced to acquire 20 percent stake in Kepala Burung PSC Extension and 11.11 percent stake in Salawati Kepla Burung JOA from Itochu subsidiaries CIECO Vogelkop Inc and CIECO Salawati Inc.

Both Kapala Burung PSC and Salawati Kepala Burung JOA are oil and gas producing blocks.

PEARL Holding is a joint venture between Singapore based Pacific East Asia Resources (Pte) Ltd and PT. Austindo Nusantara Jaya, an Indonesian company controlled by the Tahija family.(alex)