Interra Resources' (SGX:5GI) wholly owned subsidiary, Goldwater TMT (GTMT) signed a cooperation agreement with PT Blora Patra Energi to set up a joint venture company in Indonesia, according to a filing with the Singapore Exchange on Tuesday.
Under the agreement, GTMT and BPE will incorporate a JV company to negotiate with PT Pertamina for the operation of three oilfields in Indonesia while also reactivating and improving production of 50 dormant oil wells.
The JV company will also work to obtain the right to operate oil and gas operations in a mining operation located in the Central Java Province.
Under the agreement, GTMT has a 49% stake in the JV company, with Interra paying 4.90 billion rupiahs for the stake.
Shares of the oil and gas exploration company surged over 5% in recent trading.
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