Arc Exploration Limited : Revocation of Bima Exploration Permit
01/29/2012 | 07:33pm
ASX ANNOUNCEMENT 29 JANUARY 2012
REVOCATION OF BIMA EXPLORATION LICENSE
ARC Exploration Limited (ASX Code: ARX) previously advised
the Australian Stock Exchange that the Bima Exploration
License (IUP) held by its Indonesian partner, PT Sumber
Mineral Nusantara (PT SMN), had been temporarily suspended
until 23 December 2012.
ARX and PT SMN ceased activities in the Bima area in December
2011 and have had no exploration personnel in the area since
then.
Further demonstrations occurred in Bima on 26 January 2012
that resulted in the destruction of a number of buildings
including the office of the Regent of Bima.
On 28 January 2012 PT SMN received formal advice from the
Regent stating that PT SMN's Bima exploration IUP has been
revoked, citing civil disturbances and security issues in the
Bima area.
ARX and PT SMN remained in full compliance with all legal and
regulatory license requirements at the times the IUP was
suspended and subsequently revoked.
ARX is assessing the situation and reviewing alternatives
open to it.
John C. Carlile
Managing Director
Arc Exploration Limited ABN 48 002 678 640
www.arcexploration.com.au
Sydney
Suite 1502, Level 15
Tower B
799 Pacific Highway
Chatswood NSW 2067
Australia
T + 61 2 9419 8044
F + 61 2 9419 8099
E info@arx.net.au
Jakarta
Perkantoran CBD/BIDEX Blok F No. 5
Jl. Pahlawan Seribu, BSD City
Tangerang 15321
Indonesia
T + 62 21 5316 0118
F + 62 21 5316 0119
