With Gas Potential Of 30 Trillion TCF, Suma Sarana Annexed By MNC Energy Owned By Conglomerate Hary Tanoesoedibjo

Conglomerate Hary Tanoesoedibjo. (Photo: Doc. MNC)

JAKARTA - PT MNC Energy Investments Tbk (IATA) took a corporate action to acquire 85 percent of PT Suma Sarana (SS) shares. The acquisition plan is stated in the Sale and Purchase Binding Agreement (PPJB) which was implemented today.

Quoted from the official statement, the acquisition process was carried out in two stages. First, the company through PT Bhakti Migas Resources (BMR) bought 49 percent of SS shares. BMR is a subsidiary that focuses on oil and gas investment.

"In the second stage, 36 percent of the shares were acquired by BMR in the form of a binding sale and purchase agreement (PPJB) which will then be upgraded to a Sale and Purchase Deed (AJB) after obtaining government approval for a change in controlling shareholder," the company wrote as quoted from information disclosure of Indonesia Stock Exchange (IDX), Monday 18 April.

Thus, after the Government approves the 36 percent acquisition, IATA through BMR will control 85 percent of SS' shares.

PT Suma Sarana has signed a Production Sharing Contract (PSC) for the Semai Block III in Papua, and owns 100 percent of the Participating Interest (PI) in the PSC of the Semai Block III.

The Semai III block is one of the best exploration opportunities in Eastern Indonesia, with an estimated 30 trillion cubic feet (TCF) of untested gas resources. In Semai III itself there are 4 prospect areas which include Cucak Ijo, Murai Batu, Poksai, and Kaleyo-Opior.

Semai III is located in a productive hydrocarbon hub where significant oil and gas deposits have been found around the Tangguh, Asap, Merah, Pulau Seram, Andalan (Semai V) Gas Fields, and the Abadi and NW Shelf Gas Fields to the south.

Previously, IATA officially changed its name to PT MNC Energy Investments Tbk to reflect changes in the Company's business activities and strengthen its position in the related industry.

With a new name, the Company has also acquired PT Bhakti Coal Resources (BCR) which has 9 Mining Business Permits (IUP) in Musi Banyuasin, South Sumatra.

Organically, BCR will continue to focus on increasing production in existing IUPs and starting production in new IUPs. This is done as much as possible to take advantage of the momentum of coal prices which are still very high.

Inorganically, IATA will continue to look for opportunities to acquire new mines, both coal and other minerals such as gold and nickel, as well as assessing other prospects related to renewable energy.

In addition, IATA will continue to evolve to improve synergies and effectiveness in all lines. The company plans to engage in contracting, logistics & transportation, trading, and so on.