Perusda Benuo Tako agress to transfer PI in Wailawi

By Romel S. Gurky

ASX-listed Enhanced Oil & Gas Recovery Limited (EOR) announced on Thursday that Perusda Benuo Taka, which is owned by the government of Penajam Paser Utara Regency, East Kalimantan, has signed a document to effect the formal handover of its Participating Interest (PI) to PT Benuo Taka Wailawi, a joint venture company (JVCo).

EOR had previously announced on March 23, 2015 that the director general of oil and gas at the ministry of energy and mineral resources had approved the assignment of 100 percent of the Participating Interest in the Wailawi working area from Perusda to JVCo. The handover by Perusda marks the completion of the assignment of Perusda's Participating Interest to JVCo.

As previously announced, EOR is proposing to acquire 100 percent of Centre Energy Petroleum Limited (CEP), a Hong Kong registered company. CEP and Perusda are the shareholders of JVCo, with CEP having an 80% economic interest in JVCo. With Perusda having signed a document to effect the formal handover of its Participating Interest in the Co-operation Agreement to JVCo, EOR is now proceeding with its acquisition of CEP.

Editing by Johannes Simbolon