Azimuth farms in Bone PSC in exchange for geophysical activities
Thursday, June 4 2015 - 02:05 AM WIB
Azimuth Indonesia Limited, a subsidiary of Bermuda-based firm AziPac Limited, is farming into Bone PSC controlled by PT Mitra Energy Limited, offshore South Sulawesi, in exchange for a carry on geophysical activities
The farm-in agreement was first announced by the firm in June of last year but the firms did not then provide details on the terms of the agreement.
Mitra recently said that during Q1 2015, it acquired around 1,200 line kilometers of 2D seismic data. These data are currently being processed and a farmout process is about to begin, with the aim of securing additional joint venture partners to fund the drilling of exploration wells from 2016 onwards.
Upon completion of the farmout, Mitra will hold a 60 percent operating interest in the block, with Azimuth holding the remaining 40 percent. The block is still undrilled, but is immediately adjacent to and on trend with proven gas accumulations on production in the onshore Sengkang PSC. The operator of Sengkang PSC, Energy World Corporation, is currently building a LNG liquefaction export facility on the coastline immediately adjacent to Bone PSC.
Editing by Johannes Simbolon