Interra Inks Deal for a 50% Stake in Thai Concessions


Block G9/48 gulf of Thailand
(Click to Enlarge)
Interra Resources has entered into a conditional farmin-farmout agreement with JSX Energy (Thailand) in relation to the acquisition of 50% participating interests in the petroleum concession agreements for blocks L17/48, L3/48 and L9/48. The transactions under the Agreement would be effected by way of assignment of 50% of JSXT's participating interests in the Petroleum Blocks. The Board of Directors of the Company is pleased to announce that all conditions precedent to the effectiveness of the Agreement have been fulfilled, including approval from the Thai Ministry of Energy in respect of the assignment and the execution of Joint Operating Agreements in respect of the Petroleum Blocks. The JOAs provide that an Operating Committee will have ultimate control over the operations of each of the Petroleum Blocks. The Company's Thai subsidiary, Interra Resources (Thailand) and JSXT have equal representation on the operating committees for each of the Petroleum Blocks. The Company and JSXT have completed the transactions envisaged under the Agreement and IRT has acquired an effective 50% of JSXT's participating interests in the Blocks.
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