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PT Benakat Petroleum Energy has laid out ambitious growth plans and revenue targets ahead of its initial public offering next month.

The oil and gas company said on Wednesday that it planned to acquire three oil blocks this year and lift its revenue more than ten-fold to Rp 1.68 trillion ($179.8 million) on the back of a major increase in oil production and an improved contribution from its engineering, procurement and construction unit.

Benakat plans to raise Rp 1 trillion by selling 38.2 percent of its equity in an IPO next month. The offering of shares is timed for Feb. 3-5, with the listing scheduled for Feb. 11. On Wednesday, Benakat announced an indicative price for the offer of Rp 120 to Rp 140 a share.

Benakat vice president Muhammad Suluhuddin Noor said the company had been conducting due diligence on three oil blocks in Sumatra, Kalimantan and Java. “We will acquire [the three blocks] in the next two or three months,” he said.

Suluhuddin said Benakat will use the money raised in its IPO to increase its stake in subsidiary PT Benakat Oil from 80 percent to 100 percent. This was a change in plan from earlier this month when Benakat said it would use the IPO proceeds to finance exploration and for working capital.

Through its subsidiary, PT Indelberg Indonesia, Benakat Oil owns a 94 percent stake in PT Benakat Barat Petroleum, which together with PT Pertamina holds joint-operation contracts for oil and gas exploration in the West Benakat Block in South Sumatra, which contains oil reserves of up to 25,233 million barrels of oil.

Benakat finance director Michael Rusli said the company was targeting revenue of Rp 1.68 trillion this year, with its engineering, procurement and construction unit predicted to contribute revenue of Rp 854 billion. Benakat’s trading and oil divisions are expected to contribute Rp 471 billion and Rp 350 billion, respectively.

Michael said the company will produce more than one million barrels of oil this year, compared to 500,000 barrels in 2009. Last year, Benakat turned a profit of just Rp 14.4 billion on Rp 156 billion of revenue.

Steffen Fang, vice president of investment banking at PT Danatama Makmur, the underwriter of Benakat’s IPO, said Benakat’s fair value per share is Rp 173, which offered a potential upside of 23 percent to 44 percent based on the indicative offering price of Rp 120 to Rp 140 a share.