Artist & Entertainment Group Ltd. (ASX:AEM) entered into a binding heads of agreement to acquire P.T. Centrenergy from Union Pacific Trading Pty Ltd. and two other shareholders for AUD 12.8 million in stock on August 14, 2012. As consideration, Artist & Entertainment Group will issue shares to Union Pacific Trading Pty Ltd. The shares are being issued in respect of Union Pacific Trading's facilitation of the transaction. The transaction is subject to approval from the shareholders of Artist & Entertainment Group, completion of a capital raising by Artist & Entertainment Group and the satisfaction of any other Australian and Indonesian regulatory requirement.

As of December 20, 2013, AEM issued a prospectus to raise AUD 6 million to fund development and exploration.