The directors of Kalrez Energy have said they have reached the minimum subscription amount of A$2.5 million required to keep their 2.5% of the Seram joint venture in Indonesia.
The company needed to raise A$2.36m for the payment, in addition to further cash calls from operator Kufpec of US$805,019 due between August and October.
It will continue to take further subscriptions until 25 July and also has negotiated a debt contingency of A$850,000 to cover itself until it starts to receive cash flows from the Oseil development later this year.
Kalrez also said it has been paid almost US$700,000 from Pertamina for production from the Bula oilfield.
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