Jakarta - PT Energi Mega Persada Tbk (ENRG) announced that PT EMP Tunas Energi had signed a cooperation contract with SKK Migas and the Ministry of Energy and Mineral Resources to operate the South CPP block in Riau.

"The signed contract has a cost recovery scheme and will expire in 2051," said ENRG President Director Syailendra S Bakrie in information disclosure in Jakarta on Monday (3/1).

He added that the company had completed the issuance of a bank guarantee and payment of bonuses as part of the conditions that must be met in the operation of this block, 

In the signed contract, the company is also committed to conducting geological and geophysical studies, 2D seismic work (500 KM), 3D seismic work (50KM), and drilling 1 exploration well.

"The company remains committed to developing the business, both through growth in the production of existing assets, as well as through the acquisition of new assets," he explaine