Singapore?s Interra Resources acquires 70% stake in PT Retco Prima

Singapore-listed oil company Interra Resources Limited said Monday that its fully-owned subsidiary PT Central Infinity Utama has purchased a 70 percent stake in PT Retco Prima Energi for US$5.18 million.

According to Interra, Retco is the assignee of all the rights, title and interest under a technical assistance contract entered into between PT Western Nusantara Energy and state-owned oil and gas firm PT Pertamina to operate the Tanjung Miring Timur oil field in South Sumatra,

The Tanjung Miring is an oil producing field. It has a production level of about 800 barrels of oil per day with a potential of increasing its oil production, Interra said.

The company also said that as of January 2004, the remaining proven recoverable reserve in the Tanjung Miring oilfield was 12.7 million barrels of oil with an additional recoverable reserve of 20.5 million barrels of oil.

Interra added that Central Infinity will pay US$740,000 by 3 May 2004, while the balance of US$4,440,000 will be paid by 31 May 2004.

Interra, formerly known as the troubled firm Van Der Horst Limited, is currently operating two onshore oil fields located in Yenangyaung and Chauk in Myanmar. (robert)