On July 22, Sinochem Corporation successfully completed the transaction with Pt. Sele Raya for the acquisition of working interest in exploration blocks in Indonesia.
Sinochem Merangin Limited and Sinochem Belida Limited, respectively entered into the Farmout Agreement with PT.Sele Raya, one private Indonesian concessionaire, for the acquisition of 20% working interest in Merangin II Block and 40% working interest in Belida Block.
Both Merangin II Block and Belida are located in South Sumatra, an oil-rich province in Indonesia. Merangin II Block is operated by Pt.Sele Raya Merangin Dua Belida Block is operated by Pt.Sele Raya Belida. This is for the first time that Sinochem acquires pure exploration assets overseas.