PT Sugih Energy Tbk (JKSE:SUGI) and PT Sugih EP Indonesia signed a conditional share purchase agreement to acquire PT Petronusa Bumibakti from PT Bagus Setia Giri and Dwijaya H. Surya on April 18, 2013. Sugih Energy and Sugih EP Indonesia will acquire 2000 shares of Petronusa Bumibakti. PT Bagus Setia Giri holds 98.25% stake in Petronusa Bumibakti and Dwijaya H. Surya holds 1.75% stake. In a related transaction, PT Sugih Energy Tbk (JKSE:SUGI) and PT Sugih EP Indonesia signed a conditional share purchase agreement to acquire International Mineral Resources, Inc. on April 18, 2013. The total consideration for both transactions is IDR 860.47 billion ($88.8 million). The payment of IDR 242.25 billion ($25 million) has been made and remaining will be paid no later than October 16, 2013. Upon completion of the transaction, Sugih Energy will obtain a 55% stake in Selat Panjang PSC. The transaction is subject to fulfillment of prerequisite condition precedents for the completion and other commercial factors and is expected to be complete within six months. The transaction is expected to close by September 2013. James Allan and Alvi Tirtadji of Archipelago Marketing & Communications acted as public relations advisors for Sugih Energy. The currency conversion was made through oanda.com as at April 23, 2013.

PT Sugih Energy Tbk (JKSE:SUGI) and PT Sugih EP Indonesia completed the acquisition of PT Petronusa Bumibakti from PT Bagus Setia Giri and Dwijaya H. Surya on July 30, 2013.