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OTHERS Bumi Armada Berhad - Signed Production Sharing Contract for Akia exploration block in the North Kalimantan Province, Indonesia

BUMI ARMADA BERHAD

Type Announcement
Subject OTHERS
Description
Bumi Armada Berhad
 - Signed Production Sharing Contract for Akia exploration block in the North Kalimantan Province, Indonesia

Reference is made to the announcement made by Bumi Armada Berhad (“Bumi Armada”) on 25 September 2023 on the Akia Production Sharing Contract (“Akia PSC”).

Bumi Armada wishes to announce that in relation to the Akia PSC, its wholly owned subsidiary Armada Akia B.V (“AABV”) (as Operator with 51% participating interest in the Akia PSC) and Pexco Tarakan N.V. (“Pexco”) (with 49% participating interest in the Akia PSC) have entered into a Joint Operating Agreement (“JOA”) forming a joint venture consortium on a 50:50 economic basis.

 

The JOA is a related party arrangement.  Objektif Bersatu Sdn Bhd ("OBSB"), a wholly owned subsidiary of Usaha Tegas Sdn Bhd ("UTSB"), has a direct 34.61% interest in Bumi Armada. Tatparanandam Ananda Krishnan is a major shareholder of Bumi Armada (by virtue of his deemed interest through, inter alia, UTSB and OBSB), and also holds a 100% indirect interest in Pexco. No related party transaction announcement is required to be made by Bumi Armada at this stage as the relevant percentage ratio has not been exceeded.

 

The announcement is dated 12 October 2023.






Announcement Info

Company Name BUMI ARMADA BERHAD
Stock Name ARMADA
Date Announced 12 Oct 2023
Category General Announcement for PLC
Reference Number GA1-11102023-00021



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