Pearl Energy Signs Deal to Acquire Sebana
PEARL Energy
PEARL
Energy Limited announces that it has signed a sale and purchase agreement to acquire 100% of issued share capital of Sebana Ltd from PT Petroland
Energi.
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.
Financial Impact
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.
Background
Bulu PSC
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
Petroland is a company incorporated in Indonesia and whose shareholders are Satria, Mr Wisnu Suhardono and Mr Anton Aditya Subowo.
SWK
SWK is a company incorporated in Indonesia and whose shareholders are Mr Wisnu Suhardono and Mr Gunawan.
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.
Financial Impact
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.
Background
Bulu PSC
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
Petroland is a company incorporated in Indonesia and whose shareholders are Satria, Mr Wisnu Suhardono and Mr Anton Aditya Subowo.
SWK
SWK is a company incorporated in Indonesia and whose shareholders are Mr Wisnu Suhardono and Mr Gunawan.
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea