APEC acquires S. Sumatra exploration block

South East Asia-focused E&P firm Asia Pacific Exploration Consolidated LLC(APEC) announced that it has acquired an indirect 51 percent participating interest in the Bunga Mas PSC onshore South Sumatra, via a share purchase from Greenfields Petroleum (Indonesia) Company Ltd.

Under the acquisition, APEC acquired all of the shares Greenfields Indonesia held in Greenfields Petroleum (Lahat) Company, which owns Bunga Mas International Company (BMIC). BMIC holds the fifty-one percent participating interest in the Bunga Mas PSC and is designated as the Operator.

Leon Codron, CEO stated that ?APEC is delighted to have made this acquisition and to have a substantial interest in an oil prone PSC in Indonesia. We have significant technical and financial resources that we will commit to the execution of the exploration work program for the Bunga Mas Contract Area.?

According to Petromindo.Com data, the block is previously operated by US oil firm Anadarko Petroleum Corp, which had 51 percent interest.

According to APEC?s website, the company?s investors include Pine Brook Road Partners, LLC, New York, Temasek Holdings, Singapore and Actis, London. (alex)