South Sea Energy Corp. (SSGY.OB) has signed a non-binding Letter of Intent with PT Yasa Summa Energy. This particular letter of intent will enable each company to acquire additional coal bed methane in East Kalimantan, Indonesia. Both companies intend to sign a definitive agreement outlying the particulars of their joint venture in the upcoming weeks.
Upon closing of this acquisition, SSGY.OB will have the rights to participate in a joint venture with PT Yasa. This joint venture will encompass 1,200 km of both exploration and development of the East Kalimantan area of Indonesia.
Alan Charuk, President of South Sea Energy, stated that “Working directly with a respected local company such as PT Yasa will strategically position South Sea to become a major player in Indonesia’s up-and-coming CBM industry.” Let us hear your thoughts below.