Ratu Prabu acquires Odira Energi?s interest in Karang Agung PSC

By Romel S. Gurky

IDX-listed PT Ratu Prabu Energi Tbk announced on Wednesday it has signed a Memorandum of Understanding (MoU) with PT Odira Energi Persada to acquire the latter?s interest in Karang Agung PSC in South Sumatra.

Under the MoU, Ratu Prabu will acquire ?majority? shares in Karang Agung owned by Odira?s subsidiary Odira Energi Karang Agung (OEKA), the firm said without specifying the amount of shares.

OEKA owns 100 percent interest in the block.

The MoU is effective for one month since the signing and can be extended on written consents of both parties, the firm said

Karang Agung PSC covers an area of 1,967.74 sq km (after first relinquishment) around 70 km northwest of Palembang, South Sumatra?s capital. OEKA has completed its first 3 years working commitment consisting of 250 km 2D Seismic Acquisition in 2007/2008 and drilled 2 exploration wells in 2009 named Rahmat Well (RMT-01) and Ridho Well (RID-01).

PoD (Plan of Development) of the Ridho Field Blok Karang Agung was approved by the government on Oct. 28, 2011.

Editing by Johannes Simbolon