Microsoft Word - SGX Announcement on New Oilfield Agreements & Production Update 20140919(GSS)
GIKEN SAKATA (S) LIMITED (Incorporated in the Republic of Singapore) (Company Registration No. 197903879W)
(1) Cooperation Agreements between PT Cepu Sakti Energy and PT Sarana Patra Jateng
The Board of Directors of the Company is pleased to announce that PT Cepu Sakti Energy ("PT CSE"), a subsidiary of the Company, has entered into 2 cooperation agreements (Trembul Agreement and Gabus Agreement), with PT Sarana Patra Jateng.
The Trembul Agreement, dated 15 September 2014, grants the right to PT CSE to manage 24 old oil wells located in the District of Trembul, Blora Regency, Central Java. Under the Trembul Agreement, PT CSE is responsible for the procurement of equipment, transportation, manpower and working capital in return for the right to acquire a substantial portion of the revenues arising from the oil that is produced. The Trembul Agreement is valid for a period of 5 years from 15 December 2011.
The Gabus Agreement, dated 17 September 2014, grants the right to PT CSE to manage 46 old oil wells located in the District of Gabus, Grobogan Regency, Central Java. Under the Gabus Agreement, PT CSE is also responsible for the procurement of equipment, transportation, manpower and working capital in return for the right to acquire a substantial portion of the revenues arising from the oil that is produced. The Gabus Agreement is similarly valid for a period of 5 years from 15 December 2011.
(2) Update on Production Figures
The Board refers to the announcement of 12 August 2014, providing an update on the production figures. The Board is pleased to announce that since June 2014, the existing Dandangilo-Wonocolo and Tungkul Oil Fields has now increased its production to approximately 880 barrels of crude oil per day.
For more information about the Giken Group, please view our website at http://www.giken.com.sg/www.giken.com.sg
For more information. Please contact :
Ng Say Tiong
Chief Financial Officer Giken Sakata (S) Ltd Tel : 6259-9133
Fax : 6259-9822
Email : firstname.lastname@example.org
This announcement has been prepared by the Company and its contents have been reviewed by the company's Sponsor, Stamford Corporate Services Pte Ltd, for compliance with the relevant rules of Singapore Exchange Securities Trading Limited ("SGX-ST"). The Company's Sponsor has not independently verified the contents of this announcement.
This announcement has not been examined or approved by SGX-ST and SGX-ST assumes no responsibility for the contents of this document, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Bernard Lui
Tel: (65) 6389 3000