Black Platinum raises funds for exploration
Friday, April 20 2012 - 04:16 AM WIB
The company said in a statement on Friday it had signed the $20 million private placement agreement with a large US private equity firm, adding it is a ?second private placement?. It however did not identify the private equity firm.
?The proceeds to be received under the arrangement will be used to finance an expanded 2012-2013 exploration drilling program that will test additional prospectivity that has been identified across the portfolio,? the company said, adding as of the date of the press release, it had raised at total of $92 million of which approximately $72 million remains available for its future planned expenditures.
In January this year, the company announced its plan to drill three to five exploration wells in 2012 and shoot 2,100 kilometers of seismic. The company said it had set aside approximately US$67 million to complete these activities.
The exploration well include Atlas-1 in Titan PSC located in the shallow water offshore East Java, operated by AWE Ltd. In addition, the Titan joint venture will acquire 500 kilometers of new 2D seismic in this block. BPE has a 25 percent non-operated interest in the Titan PSC, according to the January press statement.
The firm also planned to drill Dara 3 and Dara 4 wells in North Sokang PSC located in the shallow water East Natuna Sea basin, and acquire 1,600 kilometers of new 2D seismic in the North Sokang PSC and Sokang PSC, both wholly owned by the firm.
BPE also has its sights set on participating in two deepwater wells, one each in the North Makassar PSC and North Ganal PSC, both located in highly prospective Kutai Basin, operated by Niko Resources and Eni, respectively. BPE has a 30 percent interest in the North Makassar and a 20 percent interest in North Ganal.
Editing Johannes Simbolon