Continental Energy Corporation announced on Monday (Aug 28) that it has entered into a preliminary private placement agreement with PT ALT GME Bungalun Kariorang (AGBK), a privately owned Indonesian company. AGBK owns and operates a 100% interest in a special Indonesian production sharing joint cooperation contract with state-owned PT Pertamina EP known as a “KSO”. The KSO has a term of 20 years to May 2036 and provides exclusive rights to conduct oil and gas exploration, exploitation, and production operations within an onshore area of 390,000 acres located on the east coast of Borneo island, named the “BK Block”.
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