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South Sea Energy Corp. (OTCBB: SSGY) is one of our highlighted companies this month. The company specializes in the exploration and development of coal bed methane in Indonesia's vast coal reserves. South Sea Energy is led by industry-leading coal bed methane experts that have extensive experience in developing junior oil and gas companies.
In our client’s news today,
South Sea Energy signed a Letter of Intent with PT Yasa Summa Energy, which will assist in identifying and acquiring additional coal bed methane (”CBM”) projects in East Kalimantan, Indonesia. A definitive agreement outlying the terms is expected in the coming weeks.
The company is also actively working on signing a definitive agreement to acquire an interest in a joint venture coal bed methane project. The completion of the acquisition will supply South Sea with rights to participate in a joint venture containing a 1,200 km2 exploration and development block.
The President of South Sea Energy stated, “Working directly with a respected local company such as PT Yasa will strategically position South Sea to become a major player in Indonesia’s up-and-coming CBM industry. Having local expertise is the key to success as these companies understand Indonesia’s business environment and have extensive experience working with Government agencies.”
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