RH Petrogas acquires Jambi exploration block
Saturday, December 5 2009 - 01:34 AM WIB
Singapore Exchange-listed RH Petrogas Limited (formerly Tri-M Technologies (S) Limited), announced Thursday acquisition of Singapore-based Orchard Energy Pte Ltd 94 percent interest in West Belida PSC exploration block in Jambi.
Under the deal RH Petrogas will pay between Orchard Energy between S$351,000 to S$371,000, depending on the day of completion of the acquisition.
In addition, RH Petrogas will assume the balance contractual commitment of US$5.66 million required under the PSC.
The Contract Area, which is operated by Orchard Energy, covers an area of approximately 1,406.94 sq km. The PSC was awarded to a subsidiary of Orchard Energy in May 2009.(alex)