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The speculation over which Bakrie Group company would take
over Energi Mega Persada (ENRG)'s responsibilities in the Sidoardjo
mudflow disaster has ended, with Energi announcing the name of the
company.
"The buyer for the divestment transaction is a Bakrie Group company,
Lyte Limited," Energi director Thomas L. Soulby said Wednesday.
Soulby said Lyte would purchase all of Energi's shares in Kalila Energy
Ltd. and Pan Asia Enterprise Ltd., which jointly own Lapindo Brantas
Inc., which has a 50 percent interest in the Brantas PSC gas field in
Sidoarjo, East Jakarta.
A faulty exploration well in the gas field has resulted in a massive
mudflow that has affected more than 400 hectares of rice fields,
industrial sites and residential areas.
Soulby also said Energi has submitted a report to the Capital Market
Supervisory Agency (Bapepam) on the divestment of Lapindo.
Summarizing the reasons for the transaction, he said that although the
production performance, reserves and resource outlook for Lapindo had
met Energi's expectations, the operational and financial impact of the
mudflow was too costly.
"The sale will allow the operational and financial resources of ENRG to
be refocused on other blocks with near-term production enhancement
opportunities and projects developing the company's substantial
portfolio of proven but undeveloped oil and gas reserves," he said.
An investor relations officer at Energi, Herwin W. Hidayat, said the
divestment was expected to help maintain the company's positive
financial and operational performance, while at the same time allowing
the Bakrie Group to fully support Lapindo in its commitment to resolve
the mudflow situation.
Around 56 percent of Energi is owned by Bakrie Group, 14 percent by
Reiner Latief while the rest of the shares are publicly held.
"The buyer for the shares in Kalila and Pan Asia is also fully
controlled by the Bakrie Group. This shows the commitment of Bakrie to
the situation," Herwin said.
"With the divestment, the company hopes to focus its attention on other
performing oil blocks owned by the company in seven other areas in the
country, including the Malaka block in Riau which is still producing
11,000 barrels per day and the Kangean block in East Java with its 80
million cubic feet of natural gas production per day," Herwin said.
Herwin said that Energi received the green light from the Jakarta Stock
Exchange for the divestment of Lyte, adding that the move was in the
best interests of the company's shareholders.
On the sale price of Energi's shares in Kalila and Pan Asia, Herwin
said the price was very cheap as the company had to take into account
all the current expenses and responsibilities.
"Bapepam is currently reviewing the price that we offered. The decision
will be out soon," he said.
He also said Energi was scheduling an extraordinary shareholders
meeting in October to discuss the divestment plan.
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