SINGAPORE (Yosefardi) – Interra Resources Limited reported its unit Goldwater Indonesia has Tuesday (Sep 3)entered into a sale and purchase agreement (SPA) to acquire PT Benakat Oil, PT Indelberg Indonesia, and PT Bintang Sukses Nasional (called as Benakat Barat KSO).
The agreement was signed with PT Benakat Patina (BP), PT Benakat Petroleum Energy TBK (BPE), Mr Wahyudi (WY), Mr Aries Munandar (AM), PT Benakat Oil (BO), PT Indelberg Indonesia (II), PT Bintang Sukses Nasional (BSN) and PT Benakat Barat Petroleum (BBP).
Goldwater proposes to acquire the entire issued and paid-up share capital of BO, 2.1% of the issued and paid-up share capital of II, and the entire issued and paid-up share capital of BSN.
The consideration payable by the Company for the Sale Shares is US$78.5 million. The company wishes to expand its current portfolio of oil and gas assets in Indonesia through the Proposed Acquisition. Upon Completion, the Company will acquire and gain control of BBP through the acquisition of the Target Group.
The acquisition of BBP will increase the Company’s existing reserves and enhance its current production of oil significantly. In the reserve report of the Benakat Barat field prepared by Gaffney, Cline & Associates dated May 2010 (Reserve Report), the “proven plus probable” 2P reserves were stated as 19.9 million barrels.
Benakat Barat Petroleum (BBP) field is adjacent to the Tanjung Miring Timur field owned by the Company. BBP also produces oil from the same geological structures and formations as the Tanjung Miring Timur field.