HPN acquires Kalrez oil block to boost oil industry in eastern Indonesia

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HPN successfully acquired Kalrez Petroleum's oil block on Seram Island in eastern Indonesia and plans to build a refinery to meet local and international demand and promote the development of the oil industry in eastern Indonesia.

Recently, PT Hexa Prima Nusantara(HPN) successfully acquired Kalrez Petroleum's oil block on Seram Island in Maluku Province in eastern Indonesia, marking further expansion of HPN in Indonesia's oil industry.

Acquisition Details and Prospects of

HPN as the new controller of PT Lini Imaji Kreasi ecosystem TBK(FUTR), the oil block acquired has great potential. It is estimated that the oil reserves on Seram Island can reach 40 million to 80 million barrels with a contract term of 15 years. HPN plans to use these resources to build oil refineries for the eastern Indonesian market, especially the export market, to meet local and international demand.

Halim Suwandi, President and Commissioner of

HPN, said the investment would help boost the gross domestic product (GDP) of eastern Indonesia, supporting fisheries and broader industrial development. He stressed that Indonesia is currently still dependent on imported oil and the Kalrez Petroleum refinery will be the only refinery in Indonesia that can meet local demand.

Petroleum Exploitation and Exploration Program in

it has been revealed that the oil reserve on Seram Island contains at least 26 million barrels of oil, only 70 wells have been developed so far, leaving plenty of potential to be tapped. HPN plans to drill new wells in the future to take full advantage of this rich oil resource.

FUTR Future Development

Although HPN's main business has not changed as a result of the acquisition, the addition of the new controller brings more possibilities to FUTR. FUTR management said they plan to continue to record the company's stock on the stock exchange and consider diversifying the business into digital and advertising.

Business plan to be announced

HPN will announce a more detailed business plan in early 2025, including public exposure and annual general manager. This will provide investors and the public with more information about HPN's future direction and strategy.

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