Aussie firms eyeing Sumatra oil concessions

ASX-listed junior oil companies Southern Cross Exploration NL and Longreach Oil Limited announced on Friday that they have entered into agreement with an unnamed Singaporean company to form joint venture that will have interest in several oil and gas concessions in Sumatra.

The Singaporean company will hold 50 percent interest in the JV with the remaining interest to be equally shared by Southern Cross and Longreach.

Planned operations on the concession will relate to the re-working of existing oil fields wit several wells have been shut-in for two decades, the companies said.(alex)