PT Sugih Energy Tbk signed a memorandum of understanding to acquire 49% stake in Lemang Block in Jambi Province from Roots Capital for SGD 230 million on December 15, 2011. PT Sugih Energy will finance the transaction through rights issue. PT Sugih Energy intends to use 85.35% of the proceeds of the rights issue, which is equivalent to SGD 288.27 million for financing the acquisition consideration. PT Sinarmas Sekuritas acted as financial advisor for PT Sugih Energy. PT Sugih Energy Tbk completed the acquisition of 49% stake in Lemang Block in Jambi Province from Roots Capital in February 2012.