Singapore?s Interra completes acquisition 70% stake in Retco
Thursday, June 17 2004 - 05:59 AM WIB
Singapore-listed oil company Interra Resources Limited announced on Wednesday it had completed the acquisition of 70 percent stake in PT Retco Prima Energi, the operator of the Tanjung Miring Timur oil field in South Sumatra.
Interra said its subsidiary PT Central Infinity Utama has paid US$5.08 million from a total of $5.18 million to Retco?s shareholders and had retained $100,000 for a period of 3 months to cover possible discrepancies that might arise, in accordance with the sales and purchase agreement.
According to Interra, the remaining 30 percent stake in Retco is owned by PT Bintang Mustika Wahana.
Retco operates the Tanjung Miring Timur under a technical agreement contract with state-owned oil and gas firm PT Pertamina. The oil field is currently producing around 700 barrels oil per day. (robert)