Eric Watkins
Senior Correspondent
LOS ANGELES, Oct. 18 -- Pearl Energy Ltd., Singapore, has signed a nonbinding memorandum of understanding to acquire 100% of issued share capital of Sebana Ltd. of the Virgin Islands from Indonesia's PT Petroland Energi.
Sebana's primary asset is a 90% working interest in the Bulu production-sharing contract (PSC) off East Java. Sebana is the operator.
Pearl will pay Petroland $1.5 million for Sebana and bear the cost of the bonus payment obligations to Indonesia required under the Bulu PSC, up to a maximum amount of $3 million.
PT Satria Energindo of Indonesia holds the other 10% of the PSC.
Contact Eric Watkins at [email protected].
