Sugih Energy expands operation
Wednesday, May 15 2013 - 12:06 PM WIB
Having aggressively acquired a stake in a number of oil and gas blocks over the past several years, IDX-listed PT Sugih Energy will seek to optimize those assets including preparations for exploration operation in its Kalyani PSC.
?We believe that Kalyani has a big gas potential, but we shall soon confirm it with seismic surveys,? President Director Andhika Anindyaguna said in Jakarta on Wednesday.
Sugih has recently acquired a 51 percent stake in Eurorich Group, which holds a 100 percent participating interest in Kalyani block, whose oil and gas concession spans in South Sumatra and Jambi provinces.
Also, Sugih holds a 49 percent non-operating participating interest in the Lemang block through its subsidiary, Eastwin Global Investments Ltd (Eastwin), which it acquired 100 percent in February 2012.
For the Lemang PSC, Andhika said that the company and operator SGX-listed Ramba Energy Limited are preparing to drill the third exploration well in the block named Akatara-2. The first two wells are Selong-1 and Akatara-1.
In addition to Lemang and Kalyani, Sugih may soon have an ownership in the Selang Panjang PSC in Riau following the signing of a conditional share purchase agreement (CSPA) on 100 percent shares issued by PT Petronusa Bumibakti, the majority shareholder of Petroselat Ltd ? the operator of the PSC. The deal is not yet official, pending approval and the fulfillment of several terms and conditions.
Editing by Dadan Wijaksana