AziPac acquires 50% interest in North Madura PSC

By Romel S. Gurky

Bermuda-registered oil and gas company AziPac Limited, which focuses on offshore exploration in the Asia Pacific region, announced Monday the acquisition of a 50 percent interest in the North Madura Production Sharing Contract (PSC) located offshore Java Sea.

AziPac, through its subsidiary Azipac North Madura Limited, acquired a 25 percent participating interest from Mitra Energy (Indonesia North Madura) Limited and a further 25 percent participating interest from North Madura Energy Limited.

The North Madura block covers approximately 1850 square kilometers and is located offshore East Java in water depths of 45 meters. The block is located in the NE Java Basin, one of Indonesia?s most prolific hydrocarbon producing areas and is along trend with several producing fields, most notably the Ujung Pangkah and Poleng oil and gas fields. AWE Limited (AWE) operates the block and recently acquired approximately 1000 kilometers of 2D seismic over the southern part of the block.

AziPac said in a statement that upon completion of the farm-in, the North Madura PSC will be equally owned by AWE Limited (50%), and AziPac Limited (50%).

This farm-in remains subject to the approval of the Indonesian upstream oil and gas regulator SKK Migas, and the Government of Indonesia.

AziPac said that it is currently anticipated that an exploration well will be drilled on the block in 2016 following analysis of the 2D seismic which was recently acquired over the southern part of the block.

Frank Inouye, Managing Director of AziPac, commented: ?Indonesia remains a focus area for AziPac and the North Madura block along with our interest in the Bone PSC, provides a solid base on which to develop our regional asset portfolio.?

Editing by Reiner Simanjuntak