OilVoice - Clough Provides Update on Santan Batubara

Clough Provides Update on Santan Batubara

Friday, January 30, 2009

Earlier this month Clough Limited announced that its Indonesian subsidiary, PT Petrosea had signed a contract for mining of the Santan Batubara Coal Concession worth an estimated US$250 million. The coal concession, which is located in East Kalimantan Indonesia, is owned by PT Santan Batubara, a 50/50 joint venture between Clough’s 82% owned Indonesian subsidiary, PT Petrosea and PT Harum Energy Indonesia.

Yesterday, Clough provided an update on the Santan Batubara’s Separi block coal concession with the release of the findings of a report prepared by Sydney-based Minarco-MineConsult. The statement of open cut coal reserves includes approximately 12 million tonnes of proven open cut coal reserves, 5 million tonnes of probable open cut coal reserves, for a total proven and probable open cut coal reserve of 17 million tonnes.

Clough CEO, John Smith said, “The reserves statement is pleasing and confirms the feasibility of mining of the Separi Block, the first of four in the concession.”