Pertacal terminates negotiations to buy Kondur
Thursday, February 8 2001 - 04:30 AM WIB
Canada-based junior oil and gas company Pertacal Energy Inc. announced that it had terminated negotiations to buy an interest in the Kondur production-sharing contract (PSC) in Riau.
The company, which was formerly called Bakrie Minarak Energy Inc., did not provide reasons for the termination of the negotiations in the press release on Tuesday.
Kondur PSC is 34.46 percent owned by Jakarta-listed firm PT Bumi Resources, formerly called PT Bumi Modern, which is controlled by Indonesian conglomerate Bakrie Group.
In July last year, Pertacal announced that it had entered into a memorandum of understanding with Bumi Resources to acquire 49 percent of Bumi's 34.46 percent interest in Kondur PSC.
Production from the PSC reached 15,500 barrels of oil per day at the time Pertacal announced interest to buy Bumi's shares. (Bodega)