Boustead's bid for Indonesian gas field outbid by rival company

TECHNOLOGY and engineering group Boustead Singapore has run into a snag in its attempt with two other firms to buy a gas field in Indonesia from Perth-based production and exploration company Triangle Energy.

The Boustead consortium's original US$32.4 million proposal, which includes a US$3.9 million initial payment among others, was trumped by a superior offer by Indonesian company PT Enso Asia.

PT Enso Asia's original US$10.5 million offer had been eclipsed by Boustead's offer.

The former has now come back with a revised US$39.9 million offer that includes US$4.5 million in cash, of which US$862,000 was already transferred.

The field, known as the Pase Production Sharing Contract, encompasses 922 sq km of explorable area. It is in Aceh province.

Boustead Singapore traded at S$0.88, down 2.5 cents, before its latest announcements.