Radiant seeks partner to explore W. Sumatra exploration block

Jakarta-listed PT Radiant Utama Interinsco Tbk (RUIS) is in talks with two potential investors to explore the Bukit Barisan oil and gas exploration block, previously known as Singkarak Block in West Sumatra.

RUIS President Director Sofwan Farisyi did not disclose the name of the two investors, one from Saudi Arabia and another a local investor. He said that the two would conduct a due diligence process in October after the company completing research on the size of oil and gas potential in the block.

Radiant currently holds 100% interest in the block.

The company said earlier it needs between US$10 million and $15 million to conduct exploration activities in the oil and gas block. Portion of the funds will be used to conduct seismic survey. (*)