Cott still waiting for govt notification to bid for Papua block
Tuesday, May 6 2014 - 04:36 AM WIB
ASX-listed oil and gas firm Cott Oil and Gas Ltd said that it was still awaiting notification from the Indonesian regulators regarding production sharing contract (PSC) and award process for an oil and gas exploration block in Southeast Papua.
Cott initially expected the PSC bidding round to be implemented in the first quarter of this year as the company and partner Transform Exploration completed in March the joint study to evaluate the potential of the oil and gas block.
?The joint study participants are awaiting notification from the Indonesian regulators regarding the Production Sharing Contract bidding and award process,? Cott said in a statement issued last week.
The company has a 25 percent interest in the joint study area, while Transform Exploration, the would-be operator, holds the remaining 75 percent interest.
By undertaking the joint study the participants will have the right of first refusal to bid for a Production Sharing Contract over a significant area, the statement said. The joint study participants acquired a 13,000km aeromag/gravit survey over a region immediately west of the Indonesia/Papua New Guinea border and the operator has prepared an application for its preferred PSC.
Transform Exploration is chaired by John Akehurst, former CEO of Australian firm Woodeside Petroleum.
Editing by Reiner Simanjuntak