Xped ends talks with Dalle over proposed acquisition of Sokoria geothermal project
Wednesday, June 22 2016 - 03:12 AM WIB
ASX-listed Xped Limited announced Wednesday that the company and its joint venture partner PT Bakrie Power have ended discussions with PT Dalle Energy over the latter company?s plan to acquire the Sokoria Geothermal project on Flores Island.
Xped said in a statement that the time to enter into the conditional sale and purchase agreement with Dalle, which wanted to acquire 95 percent of shares in PT Sokoria Geothermal Indonesia (SGI), has lapsed.
?Discussions are presently underway with an Asian based geothermal developer who recently acquired a large geothermal project in Indonesia and have the capacity to fund and develop Sokoria project,? Xped said.
?This developer have sent their team of geologists to Ende, Flores Island, Indonesia to review the Sokoria project and are holding discussions with relevant government agencies regarding the project development and will be surveying the site for the next 7 days,? it added.
Xped said it is now awaiting for their return and findings from the ground visit on Flores Island and expects to hold discussions on Sokoria sale agreement in the coming weeks.
In October 2014, SGI signed a power purchase agreement (PPA) for the 30 MW Sokoria geothermal power plant project on Flores Island with state owned electricity firm PT Perusahaan Listrik Negara (PLN).
Editing by Reiner Simanjuntak