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Bumi Armada Signs Production Sharing Contract for Indonesia Jalu Gas Block; Shares Drop 5%

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Bumi Armada (KLSE:ARMADA) signed a production sharing contract with Indonesia's Ministry of Energy and Mineral Resources for the Jalu Working Area in North Sumatra Basin, Indonesia, according to a Wednesday Malaysian bourse filing.

Shares dropped over 5% in Thursday's afternoon trade.

Under the deal, Armada Jalu B.V. will operate the block with a 100% participating interest, covering about 3,942 square kilometers in the Andaman Sea with water depths of up to 1,250 meters. Indonesian authorities estimate gas resources at around 2.9 trillion cubic feet.

The company plans to conduct new 3D seismic studies and integrate existing subsurface data to assess development potential.

Bumi Armada said the deal aligns with its strategy to expand its floating production systems portfolio.

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