JAKARTA: PT Benakat Petroleum Energy Tbk submitted a proposal to get extension on debt payment worth US$30 million or IDR271.73 billion to Amadia Investment Ltd.The company is still negotiating the debt settlement with debtor, Non-affiliated Director Firlie Hanggodo Ganinduto told Bisnis. The debt will due next month.On June 24, 2010, the company sealed a facility agreement with Armadia to pocket US$30 million loan facility to acquire Elnusas share. The loan was secured by pledge of Benakat and subsidiarys share.The negotiation is expected to finish in the near future. The facility has 12 months payment period with 12% interest rate.According to the agreement, Benakat ought to pay interest one per 3 months and to pay other agreed costs.Previously, Benakat Corporate Secretary Dina Andini Rohali claimed it will settle its debt as it has a strong cash although the extension option is open.The company also has the flexibility to withdraw bank credit to refinancing the debt. Our debt to equity ratio is under two-fold so we can use external fund.As written on its financial report per March 2011, Benakat suspended its debt settlement to parent company PT Indotambang Perkasa.The IDR98.12 billion debt will due in December 2011.Such postponement was due to high capital expenditure requirement at US$25 million. The company has been using 30% from the total capex to purchase new equipments.In the first half of 2011, the company is targeted to produce 2,200 barrel per day (bph) while coal mining is expected to start in 2012 by PT Benakat Mining. (t05/msw)

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