Radiant acquires Sumatra exploration block from affiliate
Wednesday, January 7 2009 - 02:58 AM WIB
IDX-listed oil, gas services company PT.Radiant Utama Interinsco announced on Tuesday it had acquired 99.99 percent shares of PT.Radiant Bukit Barisan E&P (RBB), a company that has 51 percent interest in South West Bukit Barisan (SWBB) exploration block for Rp.3 billion (US$=Rp.11,000)
The company said it bought 59 percent shares of RBB from an affiliated company and the rest from unaffiliated companies.
SWBB block, which is located in West Sumatra and Riau province, was awarded to RBB-SKR International Ltd consortium in November 2008.
According to a study conducted by Veteran University, the block has unrisked (P50) recoverable resource potential of 260BCF and 122MMBO. (alex)