Indika Energy has announced that its wholly-owned subsidiary Indika Multi Daya Energi has signed an agreement with Total E&P Indonesia West Papua, a subsidiary of Total, to acquire a 10% participating interest in the Southwest Bird’s Head PSC. Total, as Operator, will hold the remaining 90% interest. The purchase is subject to approval by Indonesian authorities and the final purchase price will be determined upon closing and following confirmatory due diligence.
'This purchase will strengthen further our energy platform, it will leverage Indika Energy’s in-depth understanding of local market context and create synergies with our activities in Papua' said Arsjad Rasjid, Co-CEO of Indika Energy.
Elisabeth Proust, Total Group Representative in Indonesia and General Manager of Total E&P Indonesia West Papua, declared 'This transaction is a first step for developing a wider cooperation between Total and Indika Energy and demonstrates Total’s ability to team-up with quality local partners to explore and develop Indonesian Oil & Gas resources.'
About South West Bird’s Head PSC
The PSC was awarded to Total in August 2011. The exploration block is located in the on-offshore Salawati Basin of the Province of West Papua, covering an area 7,176 sq km. The first exploration well is planned to be spudded by end of April 2013.
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