CITIC Resources funded nearly 51% of gross purchase Indonesia Seram oilfield rights
China's energy and basic metals producers but also the energy subsidiary of CITIC Group, CITIC Resources (1205.HK) on the 13th that the company agreed to finance the purchase of 97.4 million U.S. dollars in Indonesia Seram Island Non-Bula oilfield blocks 51% interest, to expand the energy business. The CITIC Resources Holdings, through its wholly-owned indirect subsidiary of �r Seram Energy Ltd to Kufpec (Indonesia) Ltd. Acquisition, completed acquisitions, and written approval by the Indonesian government to reach other prerequisites, CITIC Resources will be Seram blocks to the 2019 oil exploration and production rights, and access to Kufpec the right to operate throughout the Seram blocks, and Kufpec will have 30% interest in the project, the remaining holding by third parties. Including in Hong Kong incorporated Lion Petroleum (Seram) Ltd. Purchase forms will be financed through existing companies and the allocation of internal resources. CITIC Resources Chairman Kuo-yen said that the investment of resources in Indonesia for the first CITIC oil investment projects into production contracts can use this field operation and development in Southeast Asia and Indonesia opportunities for the realization of shareholder value. CITIC Resources as vice chairman Sau Kim also said that further exploitation and additional sources of income, especially this field has output, real reserves, infrastructure and facilities installed stable cash flow, I believe can reduce future capital expenditure.
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