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Bintang Mitra secures approval to transfer TAC with Pertamina to Green World Nusantara

JAKARTA (Rambu Energy) – PT Bintang Mitra Semesaraya Tbk [BMSR.IJ] said it has received approval from Director General for Oil and Gas as well as from the state owned oil and gas company PT Pertamina to transfer Technical Assistance Contract (TAC) with Pertamina from its subsidiary PT Binatek Reka Kruh to PT Green World Nusantara.

The approval from the Director General for Oil and Gas at the Energy and Mineral Resources Ministry (ESDM) was secured on Nov. 13, 2014 and from Pertamina on Dec. 12, 2014, the company’s director Leonard Stephen Jonatan said in a report to the Indonesian Stock Exchange.

The transfer of TAC was a follow of a conditional sales and purchase agreement (CSPA) which was signed by Binatek Reka Kruh and Green World Nusantara earlier. Binatek Reka Kruh will receive US$6 million from Green World for the TAC transfer.

Binatek-Pertamina TAC develops the Kruh and Kaya contract areas, which are located approximately 65 km northwest of the town of Prabamulih in South Sumatera province. (*)

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