Cott to study South-East Papua prospects
Wednesday, March 13 2013 - 09:09 AM WIB
ASX-listed firm Cott Oil and Gas Limited announced on Wednesday that it has established a study group consortium relating to an area of interest in South-East Papua, under which the firm will have a 25 percent interest in the consortium.
Consequently, the company will contribute 25 percent of the costs of the study and anticipates completing this work by the end of the third quarter 2013, it said in a filing.
The study group has been formulated in a Joint Study Participation Agreement to make application to conduct a data gathering evaluation of the oil and gas prospectivity of an area in South East Papua.
On completion of the study, the company will have an option to acquire a 25 percent interest in the rights of a Joint Study Agreement in South East Papua.
Editing by Dadan Wijaksana