Aussie firm farms in S. Sumatra exploration block
Wednesday, June 7 2006 - 04:27 AM WIB
Australian firm Nullarbor Holdings Limited announced on Wednesday it had signed deal to acquired 40 percent working interest in Belida exploration block. The company said it acquired the interest through Ignition Energy Pte. Limited, which was acting on Nullabor?s behalf.
The current owner of the block is PT. Sele Raya Belida, who will be the company?s joint venture partner. The company said it would take over the block?s operatorship.
The block is located in the southern part of Sumatra. According to the company, citing a report prepared by Sproule International Limited, the block has the potential to contain 200 million barrels of oil.
The company, which is listed on the ASX will call shareholders? meeting to approve the plan. (alex)