Indonesia: Jatenergy to Offload Coal Project in Indonesia for US$2M

Sydney based Jatenergy has signed an agreement to dispose of its Coal Soil Brik Project in Indonesia for US$2 million, with an initial payment of US$200,000 already banked.

The Indonesian buyer, PT Prakarsa has six months to complete the transaction. 

The sale is in line with company's strategy of divesting long-term assets to focus on currently producing coal assets.

On 14 March'11, Jatenergy gained 80% ownership of CSB after completing its acquisition of Blackrock.

Jatenergy owns the rights to four coal development projects in Kalimantan, Indonesia, producing coal and renewable crude oil from its projects in Indonesia.

Jatenergy holds a number of coal projects in Indonesia and Australia, including interest in Jongkang project in East Kalimantan.

-Sourced