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Interra Terminates Acquisition of Indonesia's PT Benakat Barat Petroleum

Source: www.gulfoilandgas.com 12/11/2014, Location: Asia

Interra Resources Limited (the Company) referred Wednesday to its announcements Sept. 3, 2013, Sept. 16, 2013, Sept. 23, 2013, June 2, July 2, Aug. 1, Aug. 23, Nov. 20 and Dec. 2 relating to the Proposed Acquisition (the Announcements) of equity interests in PT Benakat Oil, PT Indelberg Indonesia, PT Bintang Sukses Nasional and PT Benakat Barat Petroleum in Indonesia. Capitalized terms not defined herein shall bear the same meanings ascribed to them in the Announcements.

The Board wishes to announce that the Longstop Date of Dec. 10 in relation to the Proposed Acquisition has now expired and consequently, the Sale and Purchase Agreement dated Sept. 3, 2013, the Joint Operating Agreement dated Sept. 3, 2013 and the Supplemental Agreement dated Aug. 22 have all terminated. The parties are negotiating and exploring the possibility of entering into a different transaction, the details of which will be announced if an agreement is reached.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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