KUALA LUMPUR: PJ Bumi Bhd said its 90%-owned sub-subsidiary PT Indodrill Bumi Perkasa has entered into an integrated project management (IPM) service agreement with PT Petro Papua Mogoi Wasian, which holds a concession to conduct oil exploration and exploitation activities in the Mogoi Wasian, Papua.
In a filing with Bursa Malaysia, PJ Bumi said the agreement, valued at US$6.55mil (RM27.56mil), entails IPM drilling services for three wells and a workover of eight wells.
The contract agreement is set for 18 months from Sept 19, 2025, to March 18, 2027.
PJ Bumi said the agreement is expected to contribute positively to the earnings and net assets per share of the company for the financial year ending June 30, 2026.
