26th May 2020 15:02
(Alliance News) -Â Asiamet Resources Ltd on Tuesday said Aeturnum Energy PTE Ltd has finalised due diligence and intends to enter into negotiations for a partial or full acquisition of its Kalimantan Surya Kencana contract of work.
Shares in Asiamet were up 27% at 3.375 pence in London on Tuesday.
Aeturnum acquired a 19.9% holding in Asiamet through a placement in March and was provided with an exclusivity period of 60 days to complete technical and commercial due diligence for a project level investment in KSK.
The KSK contract of work is wholly-owned by Asiamet and is located northwest of Palangkaraya, the regional capital of Central Kalimantan, Indonesia. The KSK license covers around 390 square kilometres.
Asiamet said it has been informed that Aeturnum that it has finalised all due diligence workstreams and intends to enter into negotiations for a partial or full acquisition of the KSK contract of work.
"The company will provide a further update on this process if and when the parties are able to agree a transaction that provides a suitable path forward for the development of the BKM project on the KSK contract of work and which delivers appropriate value for all key stakeholders," said Asiamet.
By Lucy Heming;Â [email protected]
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