AziPac to acquire 40% interest in Bone PSC
Monday, June 9 2014 - 01:01 AM WIB
Bermuda-based firm AziPac Limited announced Monday it has signed a farm-in agreement with Mitra Energy Limited for a 40 percent interest in the Bone PSC, offshore Indonesia.
The company said in a statement that under the terms of the agreement, the acquisition will be made via its wholly owned subsidiary Azimuth Indonesia Limited. The agreement remains subject to approval by the Indonesian government, the statement added.
Upon completion of the acquisition, the participating interests in the PSC will be: Mitra Energy (Indonesia Bone) Ltd 60 percent, and Azimuth Indonesia Limited 40 percent.
The Bone PSC is situated in Bone Bay, offshore South Sulawesi, and lies in water depths extending from the coast to over 2,000 meters. The block covers an area of 7,516 km?, which is equivalent to approximately 327 Gulf of Mexico blocks or 31 UK Central North Sea blocks.
David Sturt, Director of AziPac, commented: "We are very pleased to have joined Mitra in this exciting block. The Bone PSC area benefits both from a very prospective petroleum system, as well as an ideal geographical position within the regional markets. We look forward to progressing the exploration and development of this high potential asset."
Editing by Reiner Simanjuntak