LONDON (Alliance News) - Andalas Energy and Power PLC on Thursday said it has entered into a joint venture agreement with Indonesian oil and gas company BUMD PT Riau Petroleum for the acquisition of a participation interest in the production sharing contract for the Siak block from PT Pertmina Hulu Energi Siak.
The Siak block currently produces around 1,700 barrels of oil per day from the Central Sumatran Basin in Indonesia.
"This opportunity differs from the conventional farm in opportunities that we have been considering. However, we believe it to be a compelling opportunity which may deliver a material interest in what we believe is some of the best on-shore acreage in Indonesia today," Chief Executive David Whitby said in a statement.
Shares in Andalas were untraded on Thursday morning, last quoted at 1.17 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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