Jakarta - PT Energi Mega Persada Tbk (ENRG) announced that the government had approved a direct change of control or the transfer of all shares of PT Energi Maju Abadi (EMA) to the company and its business entities.

EMA has a 49% participating interest in the Sengkang Cooperation Contract (KKS Sengkang) working area in South Sulawesi. Meanwhile, Energy Equity Epic (Sengkang) Pty Ltd (EEES) controls the 51% participating interest in the Sengkang.

"This is a follow-up to the conditional sale and purchase agreement signed by EMP and its subsidiaries in August 2021, then to acquire EMA," ENGR President Director Syailendra S Bakrie said in Jakarta on Monday (21/2).

The Sengkang PSC has approximately 420 billion cubic feet of gas in the form of proven and measured reserves. The gas block also currently produces an average of 40 million cubic feet of gas per day.

The gas produced by the Sengkang PSC is sold to several power plant projects i