Singapore's Manhattan Resources eyeing Kalimantan oil, gas and coal projects

Singapore Exchange-listed firm Manhattan Resources Limited announced Friday that it had entered into a second MoU with Manhattan Kalimantan Investment Pte Ltd to evaluate the feasibility of acquiring a 15% equity stake in Provident Indonesia Energy, LLC for US$10 million through share swap.

Provident, which is a subsidiary of Manhattan Kalimantan, has a 100 percent working interest in Tarakan Offshore PSC, in Tarakan, East Kalimantan. Provident was awarded the block in 2003.

The MOU is signed to facilitate the company?s conduct of due diligence on the financial viability of investing in Provident, said the company in a statement.

Manhattan Kalimantan is a company related to the Company?s substantial shareholder, Manhattan Investments Pte Ltd.

Earlier last month, the company had also entered into an MoU PT Wahana Baratama Mining, in which it would be given six month's time to conduct due diligence on overland coal conveyor project at Wahana, South Kalimantan. The MOU signed with PT Wahana is for the study on the company?s possible contracting on a ?build-own-lease-transfer? basis of a 18 kilometres long coal carrying conveyor system in Wahana's mine.

Wahana, which is also related to Manhattan Investments Pte Ltd., is a third generation Coal contract of Work holder. (alex)