Sebana is a company incorporated in the British Virgin Islands and is wholly owned by Petroland. Sebana’s primary asset is a 90% working interest in the Bulu Production Sharing Contract (“Bulu PSC”) offshore East Java. Sebana is the operator of the Bulu PSC.
Under the terms of the Acquisition, PEARL will pay US$1.5 million to Petroland for Sebana and bear the cost of the bonus payment obligations to the Indonesian government required under the Bulu PSC, up to a maximum amount of US$3 million. In addition, PEARL will transfer 5% working interest in the Bulu PSC to PT Satria Wijaya Kusuma (“SWK”). SWK also will have the option to acquire an additional 5% working interest in the Bulu PSC from PEARL in the event of successful exploration. The consideration for the Acquisition was arrived at by the parties on a willing buyer willing seller basis.
In respect of the Bulu PSC, PEARL plans to undertake a 2,000 sq km 2D seismic acquisition program at the end of December and to drill up to two exploration wells in 2006.
The net asset value of Sebana for the financial period 1 January 2005 to 30 June 2005 is US$380,000, based on Sebana's audited financial statements for the same period.
None of the relative figures computed on the bases as set out in Rule 1006 (where applicable) of the Listing Manual amount to 5% or more. Barring unforeseen circumstances, the Acquisition is not expected to have any material impact on the Group’s financial performance for 2005. PEARL will fund the Acquisition from internal resources.
None of the directors or the substantial shareholders of PEARL has any interest, direct or indirect, in this Acquisition.
The Bulu PSC covers 3,494.6 sq km and is located off the northeast coast of East Java in the East Java Sea.
Upon completion of the Acquisition, PEARL will operate the Bulu PSC.
Immediately prior to the Acquisition, Sebana held a 90% working interest in the Bulu PSC and the remaining 10% was held by PT Satria Energindo (“Satria”). Satria is a company incorporated in Indonesia and is the single largest shareholder in Petroland.
Petroland is a company incorporated in Indonesia and whose shareholders are Satria, Mr Wisnu Suhardono and Mr Anton Aditya Subowo.
SWK is a company incorporated in Indonesia and whose shareholders are Mr Wisnu Suhardono and Mr Gunawan.
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