PT Capitalinc Investment Tbk. (MTFN) is targeting up to Rp 2.78 trillion from rights issue which will be held in March 2014.
The majority of the funds will be used to acquire the ONWJ oil and gas block.
Approximately 93.48% or U.S. $ 210 million (Rp2, 52 trillion) of funds from the rights issue will be used to acquire 100% shares Owen Holding which are owned by Densel Ventures Ltd. (DVL) of 69.39% and OG Resources Limited at 30.61%.
Owen is the owner of 49% shares EIBL.
The EIBL is the owner of 100% shares Energi Mega Persada ONWJ Ltd. (Labuan, Malaysia) which owns 36.72% working interest in ONWJ Block.
The remaining 51% shares EIBL is still belong to the oil and gas company under the control of Bakrie Group, PT Energi Mega Persada Tbk.
Stock purchase plan is done through a conditional share sale and purchase agreement (CSPA) which was signed on January 30, 2014.
Picture – Shares Structure (participating interest) and Acquisition ONWJ block by MTFN
ONWJ block covers an area of 8,300 square kilometers, which stretches from north of Cirebon, West Java, to the Thousand Islands (Kepulauan Seribu), Jakarta.
- History of ONWJ Block and PHE ONWJ
- Struktur Saham Blok Offshore North West Java (ONWJ) dan Akuisisi oleh MTFN
- Offshore North West Java (ONWJ) Block at Java Sea
- The Exploration and Development Activities in ONWJ Block
References / read more :
- “Dana Rights Issue: MTFN Akuisisi Blok Migas Bakrie”, Vega A. Pradipta, harian Bisnis Indonesia, 7-Feb-2014.
- “Energi Mega Beli 36,7% Blok ONWJ dari CNOOC”, 22-Dec-2011, http://bisnis.news.viva.co.id/news/read/274280-energi-mega-beli-36-7–blok-onwj-dari-cnooc
- “Pertamina buys interests in the ONWJ block”, 4-May-2013, http://www.thejakartapost.com/news/2013/05/04/pertamina-buys-interests-onwj-block.html
- Akuisisi Blok ONWJ, Capitalinc (MTFN) Rights Issue Rp2,78 Triliun, http://m.bisnis.com/market/read/20140206/192/201601/akuisisi-blok-onwj-capitalinc-mtfn-rights-issue-rp278-triliun