Interra Resources Ltd. has signed a $78.5 million purchase deal for a major producing oil field in South Sumatra, Indonesia.
The Singapore-listed company said Tuesday it is buying 100% of PT Benakat Barat Petroleum in its biggest acquisition to date.
The deal is expected to close within nine months, Interra said.
PT Benakat Barat Petroleum owns the Benakat Barat cooperation contract (KSO) with Indonesia’s state-owned PT Pertamina.
Interra Resources Ltd. is an independent oil and gas exploration and production firm.
The company’s existing assets include TMT in South Sumatra, Linda Sele in West Papua, and Kuala Pambuang in Central Kalimantan, as well as oil fields in Chauk and Yenangyaung in Myanmar.
Interra Resources recently reported that for the six months ended June 30, net profit grew 776% to $4.45 million. Revenue grew 94% to $13.76 million, the company said.
It was the best quarterly performance by Interra since its listing in 2003.