Continental announces establishment of joint bid group

By Ruli Setiawan

Continental Energy Corporation, a US-based emerging energy company concentrating its efforts in Southeast Asia, announced that it has entered into a joint bid arrangement with an Indonesian industry player to present bids for new Indonesian production sharing contracts (PSCs) offered by Indonesian oil and gas authorities in 2013.

"We are delighted to have teamed up with a partner whose Indonesian oil and gas business strengths and experience are wholly complementary with our own. Continental's long history of Indonesian oil and gas experience and geological knowledge, particularly in Northeast Kalimantan, provide our bid group with a decided competitive advantage. For competitive risk reasons, we will not be disclosing further details of our bid group or of any PSCs that we decide to pursue," said Continental CEO, Richard L. McAdoo in a statement obtained Monday.

Editing by Reiner Simanjuntak