Interra Resources paying less for proposed acquisition

THE purchase price for PT Benekat Barat Petroleum (BBP), which Interra Resources' wholly owned subsidiary Goldwater Indonesia (GII) is acquiring, has been lowered to US$60 million from the original price of US$78.5 million.

Interra Resources said in September last year that GII was looking to acquire BBP, which holds all the rights to explore and develop the Benakat Barat field in South Sumatra.

The new, mutually agreed upon purchase price was arrived at after considering the updated reserve report and the economic evaluation report on the West Benakat KSO prepared by Gaffney, Cline & Associates.