Energi Mega adds ownership in Tonga block

The Jakarta Post | Business | Sat, April 20 2013, 2:47 PM

Listed oil and gas company PT Energi Mega Persada said on Friday it had purchased an additional 41 percent participating interest in the Tonga oil block from PT Capitalinc Investment and PT Capital Petroline for US$41.7 million.

The deal takes Energi Mega’s ownership in the Tonga block to 94 percent from 53 percent previously.

“We see a lot of benefits from the Tonga production-sharing contract [PSC]. We have an aggressive plan to drill its oil reserves and prospective resources in the short-term,” Energi Mega president director Imam Agustino said in a written statement.

The Tonga PSC covers a 2,607-square-kilometer area between Dumai and Sibolga in Sumatra. It has proven and probable oil reserves of 3.54 million barrels, and prospective oil resources of up to 61 million barrels.

Shares in Energi Mega (ENRG) closed at Rp 132 apiece on Friday, an increase of 2.33 percent from a day earlier.

http://www.thejakartapost.com/news/2013/04/20/energi-mega-adds-ownership-tonga-block.html

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