JAKARTA. PT Energi Mega Persada Tbk (ENRG) would take over 100% of shares ownership in PT Energi Maju Abadi (EMA).
EMA has 49% of pariticipating interest in Sengkang Work Area, or Sengkang Block, in South Sulawesi. Meanwhile, the remaining 51% belongs to Energy Equity Epic (Sengkang) Pty Ltd (EEES).
Energi Mega Persada claims that this transaction would be effective as soon as the government states its approval.
The participating interest ownership structure would soon be adjusted to 50:50 based on the terms and conditions stated in the deal between EMA and EEES. This information is revealed by the Director of Energi Mega Persada, Edoardus Ardianto, in the information disclosure in Indonesia Stock Exchange last week.
ENRG’s cooperation in Sengkang Block had been granted an extension to 20 years in 2018 by the government. This decision would then be stated effective from October 24, 2022, to October 2042. (AM/ZH)