South Sea Energy Corp. (SSGY.OB) Inks Letter of Intent with Indonesian Company
South Sea Energy announced that it has signed a Letter of Intent with PT Yasa Summa Energy, which will assist in identifying and acquiring additional coal bed methane ("CBM") projects in East Kalimantan, Indonesia. A definitive agreement outlying the terms is expected in the coming weeks. The company is also actively working on signing a definitive agreement to acquire an interest in a joint venture coal bed methane project. The completion of the acquisition will supply South Sea with rights to participate in a joint venture containing a 1,200 km2 exploration and development block. The President of South Sea Energy stated,…