Energi Mega Persada Controls 75% Kangean Block Stake

By Editorial Team 05/08/2021
Oil rig
Summary

Bakrie Group's oil and gas company PT Energi Mega Persada Tbk (ENRG) disbursed US$43.5 million or equal to Rp 623.7 billion to increase its share ownership in Energi Mega Pratama Inc. Through its subsidiary, ENRG will operate the Kangean Gas Block in East Java. Energi Mega Persada Finance Director Edoardus Ardianto said the company acquired a 25 percent stake in Energi Mega Pratama Inc from Kinross International Group Limited, an affiliated company also under the control of the Bakrie Group.

Currently, ENRG's stake in Energi Mega Pratama Inc has increased to 75 percent from 50 percent. Japan Petroleum Exploration Co Ltd holds the remaining 25 percent. The funds to buy the shares came from the rights issue proceeds in July 2021. ENRG raised around US$125 million from the issuance of new shares in the limited public offering III program.

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