JAKARTA (Yosefardi) – PT Sugih Energy Tbk (SUGI) has injected S$100 million to its unit Sugih Energy International Pte Ltd, based in Singapore, to support unit’s ail and gas trading business.
The capital injection was made through issuing 100 million new shares. The company is optimistic to achieve its revenue target for 2014 supported by some completed projects including Petroselat.
SUGI targets production of 1,000 bopd and to drill BA-8 and BA-9 development wells in Bakau field, Petroselat.
The company booked sale of crude oil of US$4.16 million, all to PT Pertamina.
SUGI booked net profit of US$1.77 million in first nine months of 2014, against loss of US$9 million in the same period of 2013.