Challenger Deep Resources Expands Coal Property in Indonesia

Calgary-headquartered Challenger Deep Resources Corporation announced that its wholly-owned subsidiary, PT Bestindo Energy, has entered into Memorandums of Understanding with key shareholders of PT Marga Bara Taban (MBT) and PT Marga Perkasa (MP), private Indonesian companies and owners of IUP production and exploration licenses for coal properties in the province of Jambi, Indonesia. The MOU gives Challenger the exclusive right within 30 days to purchase all share of those companies through a Conditional Share Purchase Agreement for each company. If Challenger enters into the agreement, it can acquire 100% of the shares of both PT MBT and PT MP for payments totaling approximately US$4.86 million.