Star Energy lists US$350 Million Notes on SGX next week

Star Energy Geothermal (Wayang Windu) Ltd's US$350 million Senior Secured Notes due 2015 will be listed and quoted on Singapore Stock Exchange (SGX) bonds market next Wednesday.

The joint lead managers of the Notes are Barclays Bank Plc, Nomura International Plc, and Standard Chartered Bank. Star Energy Geothermal (Wayang Windu) Ltd controls the geothermal power plant in West Java. The company is expanding the facilities. Most of the proceeds will be used to refinance existing debts.

Another Indonesian energy company PT Cikarang Listrindo had previously listed US$300 million 9.25% Notes due 2015 also on SGX.

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Panax and Dairi Prima talks

Panax Geothermal Ltd claimed it has entered into a memorandum of understanding with PT Dairi Prima Mineral, a subsidiary of Herald Resources Ltd, allowing for negotiations towards the establishment of a JV to conduct joint exploration and development of identified geothermal prospects in North Sumatra for future base-load power supply to Dairi Prima zinc/lead project.

The electricity requirements for this off-the-grid mine can be met by a power plant with a 20 to 30 MW installed capacity. The area surrounding the Dairi Prima project hosts numerous geothermal prospects associated with Quaternary volcanic centers along the Sumatran transcurrent fault, Panax told ASX this morning.

Under the MoU, Panax will fund a review and pre-feasibility study, of the current target areas that have been identified with a view to the identification and application for suitable tenement areas, prior to the commencement of drilling activities.

Herald Resources is controlled by PT Bumi Resources (BUMI) Tbk, affiliated with Bakrie Group. BUMI spent almost US$600 million to acquire Herald and will spend another US$211 million to develop the Dairi Prima project.

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