Interra Resources fails to acquire stakes in Indo oil firms
The longstop date has expired.
Mainboard-listed Interra Resources revealed that it has failed to acquire equity interests in PT Benakat Oil, PT Indelberg Indonesia, PT Bintang Sukses Nasional and PT Benakat Barat Petroleum.
The proposed acquisition’s longstop date of 10 December 2014 has now expired, leading to the termination of its agreements with the firms.
“The parties are negotiating and exploring the possibility of entering into a different transaction, the details of which will be announced if an agreement is reached,” noted Interra.