Mar 18, 2011

Bintang Mitra disposes Kaya oil block

PT Bintang Mitra Semestaraya Tbk disposed stake shares in PT Indama Putera Kayapratama (IPK) to PT Bukit Apit Bumi Persada in the amount of US$1.05 million.
In their official statement to IDX, the purchase agreement of 108,845 IPK shares was sealed by Bintang Mitra and Bukit Apit on March 16, 2011.
Bintang Mitra sold IPK as IPK’ Kaya oil field considered less profitable; in accordance with the review result and subsurface study of TAC Kaya, held by PT LAPI-ITB, last year.
Based on the result, Kaya oil and gas block has no oil reservoirs in Baturaja limestone formation and no reservoir in Palembang and Gumai formation. Thus the matter cuts the regional hydrocarbon potential and the chance to obtain oil (around 30%).
Based on the findings, the company concluded that Kaya’ oil field is too complex and very risky to develop through exploitation.
If the company insists in exploring the field, Bintang Mitra should fulfill IPK financial requirement.
If not, the management should hand over it to PT Pertamina, pursuant to IPO’s commitment with Pertamina through technical assistance contract (TAC).
The proceeds of the sales will be used to finance internal operations and subsidiaries.
Bintang Mitra, formerly known as PT Bintang Mahkota Semestaraya, works in various business sectors such as development, trade, industry, printing, agriculture, fisheries and plantation.
Currently the company is focusing on investment via subsidiaries and trading sector.
Per September 30,2010, Bintang Mitra has investment in kulczyk Oil ventures in Canada and ESK Ltd in British Virgin Islands. Both companies are engaged in the exploration and production of oil and gas and investment.
Singapore-based Credit Suisse manages 71% of Bintang Mitra total share, PT Artha Era Primayasa 6.04%, Richard Rachmadi Wiriahardja 0.32%, Maria Florentina Tulolo 0.09% and 22.54% by public.

Disclosure: No position at the stock mentioned above.

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