PT Sugih Energy Tbk (JKSE:SUGI) and PT Sugih EP Indonesia signed a conditional share purchase agreement to acquire International Mineral Resources, Inc. from Demeter Energies Corp. on April 18, 2013. In a related transaction, PT Sugih Energy Tbk (JKSE:SUGI) signed a conditional share purchase agreement to acquire PT Petronusa Bumibakti from PT Bagus Setia Giri and Dwijaya H. Surya on April 18, 2013.

The transaction value of the acquisition of both International Mineral Resources and Petronusa Bumibakti is $88.8 million. Upon completion of the transaction, Sugih Energy will obtain a 55% stake in Selat Panjang PSC. The transaction is subject to fulfillment of prerequisite condition precedents for the completion and other commercial factors and is expected to be complete within six months.

The transaction is expected to close by September 2013. At the time of the signing of the sale and purchase agreement, PT Sugih Energy Tbk and Sugih EP has given the payment of $25 million and the remaining will be paid no later than October 16, 2013. James Allan and Alvi Tirtadji of Archipelago Marketing & Communications acted as public relations advisors for Sugih Energy.