Two years ago Indika Energy (INDY) raised more than US$100 million from placement of shares to some investors arranged by Citigroup and Macquarie at Rp3600 per share. Today the stock is traded at Rp1455, representing almost 60% loss. In the past twelve months, Petrosea has rarely been traded. Going forwards, meanwhile, Petrosea confronts several battlefields.

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