CityView transfers part of E. Java block interest to Medco

ASX-listed junior explorer CityView Corporation Limited said on Thursday that it had entered into agreement to transfer 10.35 percent if its effective participating interest in Madura JOB to operator Medco Energi Internasional Tbk and retained 2.65 percent interest in the block.

CityView said that it also give up 50 percent of its right to recover previous payment in Madura JOB. In return, Medco will bear CityView?s all previous unpaid cash calls and future costs in the planned drilling one other well-called Konang-3.

The company said Madura partnership is seeking to get one-year exploration extension to the block to enable drilling of Konang-3 well. (alex)