Energi Persada to sell Lapindo Brantas to Bakrie Group
Jakarta (Antara News
) - Oil and gas firm PT Energi Mega Persada intends to sell unit Lapindo Brantas Inc to a company wholly owned by Bakrie Group for a price that has yet to be determined, Energi Mega said.
Energi Mega, through Hong Kong-based Kalila Ltd and Pan Asia Enterprises
Ltd, owns 99.99 pct of Lapindo Brantas which, in turn, holds a 50 pct working interest in Brantas PSC.
The deal is expected to be done in the near future. It is subject to an independent valuation and the approval of shareholders, Energi said as reported by XFN-Asia.
Energi said in a written statement that the planned sale was expected to
maintain its positive financial and operational performance.
The statement said Bakrie Group would fully support Lapindo Brantas's
commitment to doing something about the mud flowing from its Banjarpanji
well, in the province of East Java.
Since May, a flow of thick mud caused by Lapindo Brantas's gas drilling
operations there has inundated nearby villages, rice-fields and sugar cane plantations. (*)