Aussie firms eyeing Sumatra oil concession
Thursday, November 23 2006 - 12:17 AM WIB
ASX-listed junior oil companies Southern Cross Exploration NL and Longreach Oil Limited announced on Thursday that they have entered into a conditional agreement to acquire an interest in a PSC in Sumatra.
The area covers 2,300 sq, km and adjoins existing oil and gas producing
Area, said the company, without giving further detail of the block.
The companies said that based result of the due diligence to be conducted , each will acquire 10 percent interest in the block.
In June 9, 2006 announcement, the companies said they had entered into agreement with undisclosed Singaporean company. (alex)