AED expects to get final bids for Papua block farm-out in August
Wednesday, June 2 2010 - 03:21 AM WIB
Australian firm AED Oil Limited expects to get final bids for its Rombebai PSC exploration block PSC onshore Papua in August this year.
The Company has appointed Macquarie Capital Advisers as the financial adviser to farm-out part of interest in Rombebai, where it now has 100 percent interest.
The Company said it will open data room in Jakarta on June 7, 2010 ands elected parties will be invited to attend presentation with AED management and interested parties will be invited to submit a final binding offer at the end of due diligence process.
According to the Company, Rombebai is targeting in excess of 7TCF P50 gas in place with prospect of major oil, condensate find.
The Company said it planned to drill one well called Kare-1 in Gesa structure in late 2010/ early 2011. (alex)