Sugih Energy Expects Indonesia Govt to Approve Sumatra's Lemang Block POD

PT Sugih Energy Tbk, a junior Indonesian oil and gas exploration and production company, indicated Thursday that the firm hoped to receive government approval for the development of the Akatara field in the Lemang block in Sumatra, Indonesia, according to a senior company official, as quoted in The Jakarta Post Friday.

“We hope one of our main assets in Lemang block could get final POD (plan of development) approval from the energy and mineral resources minister,” Sugih Energy President Director Andhika Anindyaguna said.

Sugih Energy's subsidiary Eastwin Global Investments Ltd. holds a 49 percent stake in the Lemang block, while field operator PT Hexindo Gemilang Jaya -- in which Singapore-listed Ramba Energy Ltd. has an 80.4 percent interest -- owns the remaining 51 percent.

The junior partner in the Lemang joint venture added that the onshore block, which contains hydrocarbon reserves of around 511 million barrels of oil and 467 billion cubic feet of gas as reported by The Jakarta Post, expects to commence commercial operations by the end of this year if government approval was granted soon.



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