Monday, November 09, 2009

Bakrie unit pays US$77M for 10% in Masela

PT Energi Mega Persada (ENRG) Tbk informed stock market authorities today that its wholly owned subsidiary PT EMP Energi Indonesia will pay US$77.25 million for the acquisition of 10% shares in Masela Block PSC.
ENRG, a company controlled by Bakrie & Brothers (BNBR), will also pay certain pre-completion adjustment pursuant to farm-out agreement between EMP Energi and Inpex Masela Ltd. The company has yet to disclose financing of the acquisition.
The acquisition is pending approval from public shareholders, Upstream Oil and Gas Regulatory Body (BPMigas), shareholders of Inpex Masela Ltd, and the signing of joint operating agreement.
Masela PSC is expected to commence LNG production of 4.5 million tons per annum and 13,000 barrels of condensate per day by 2016.
ENRG closed lower by 1.64% at Rp300 today. The stock has lost 30% its value in recent weeks. Still, it gained over 200% YTD.

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