Roughly...courtesy of http://www.toggletext.com/PI will acquire...

Roughly...

courtesy of http://www.toggletext.com/



PI will acquire 16,5% participating interest from the Ceram Bloc Non- Bula, Indonesia

GPI today announces that this company agreed to go along as well as in acquired 16,5% interest the Ceram Bloc ounce-Bula from KUFPEC (Indonesia) Limited (“KUFPEC”) with the number US$ 44,4 million.
After the process of the acquisition was finished, where this depended on the Indonesian government agreement and the other condition, GPI will take part in giving consideration in the matter of the exploration activity and the production of oil from the Ceram Bloc Non- Bula to 2019.
Was based on the agreement, GPI will become the partner from the Ceram Bloc Non- Bula with KUFPEC while KUFPEC continued to maintain an amount interest that significant.
This purchase will be financed through the internal source and Islam loan facilities.
About the Ceram BLOC NON- BULA

Indonesia was the important producer of oil and natural gas with the biggest hydrocarbons reserve in South-East Asia.
The Ceram bloc Non- Bula occupied the area measuring 4,572 square km..
The main field in the Ceram Bloc Non- Bula was the field oseil.
On average the number of productions in 6 first months in 2006 was around 4,300 barrel per the day (gross) from 15° to 22° FIRE oil.
Chairman GPI, Dr. Basheer Al-Rashidi, said “kita very happy got the opportunity to invest in the same work contract (KKS) with KUFPEC. This was the first GPI oil project in Indonesia and to the important springboard for GPI to enter the sector of oil and natural gas in South-East Asia and reinforce the GPI position as an effort to oil resources in the Group of GPI. ”

Dr. Basheer Al-Rashidi said his side believed that this was the interesting opportunity for GPI in view of the fact that this transaction will bring the benefit for the operational expansion, the increase in the exploration and the style of revenue for GPI, especially because of the field of this oil was productive by the treasury's revenue stably.
As the addition, facilities and the infrastructure for the operation was available, so as to minimise the issuing in the future.
With had interest in the Ceram Bloc Non- Bula and the operational existence in Indonesia, KUFPEC work hard and made use of him this momentum as the foundation henceforth the search for the opportunity