Bhakti Investama ("BHIT") has signed a binding agreement to acquire a majority stake in a company that was awarded with an offshore Papua oil and gas block. The founding shareholder will retain a minority interest and will serve as BHIT's local partner. The block is considered as one of the most lucrative exploration opportunities in Indonesia attracting Foreign Oil and Gas Companies and Pertamina to explore this promising field. A number of prominent Oil and Gas Companies have been awarded blocks in the vicinity of BHIT's block.
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