EOR unit, Pandawa sign confidentiality agreement over Wain block JV
Monday, April 11 2016 - 05:35 AM WIB
ASX-listed Enhanced Oil & Gas Recovery Limited(EOR) announced Monday that Powgen Mining Pty Limited a wholly owned subsidiary of EOR has entered into a confidentiality agreement with PT Pandawa Prima Lestari (Pandawa) with a view to negotiating a joint venture and/or farm-in arrangement.
EOR said in a statement that Pandawa holds a Production Sharing Contract and is Operator of the Wain Block in the Kutai Basin, East Kalimantan which has substantial reserves of oil and gas adjacent to Centre Energy Petroleum Limited(CEP)?s Wailawi Oil & Gas Project.
As previously announced EOR and the shareholders of CEP have entered into a share purchase agreement pursuant to which EOR is to acquire CEP subject to the satisfaction of certain conditions precedent, including EOR re-complying with the requirements of Chapter 1 and 2of the ASX Listing Rules.
The Kutai Basin is the second most prolificon share hydrocarbon area in Indonesia having been a long time oil and gas producer and having calculated economic value. The southern section of the Kutai basin has a number of defined oil and gas targets and prospects yer to bedrilled.
This portal quoting a source reported last month that Pandawa discovered gas at Karamba Updip-1 exploration well within the Wain block.
Editing by Reiner Simanjuntak