Chris Newton, President Director, said "that a merger with Bumi would create a diversified natural resources company. Our research indicates that a diversified company would be highly rated by the market and that our shareholders would benefit from the plan. The fact that Bumi is not immediately divesting all its coal business does not reduce the attractiveness of a merger."
Mr. Newton went on to say that "the merger will be confirmed in accordance with the procedures and timing in compliance with Indonesian Capital Market Regulations.
Mr. Newton went further to say that on August 23, 2006 ENRG secured a loan of US $152.75 million earmarked primarily for the asset development at the Semberah TAC, the Gelam TAC, the Gebang JOB, the Korinci Baru PSC, and the Bentu PSC. Some 30% of the facility will be used to refinance an existing facility relating to the PSC's.
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