Indian firms farm-in E. Kalimantan exploration block

Indian firm Bharat Petroleum Corporation Ltd announced on Monday that its subsidiary has farmed into the Nunukan offshore PSC, East Kalimantan with a 12.5% participating interest.

The company said the interest was acquired from Anadarko Petroleum, the block?s operator.

Bharat will spend an estimated US$ 11.125 million for drilling a commitment well in the block during mid 2010, it said.

Videocon Indonesia Nunukan Inc. an overseas wholly owned subsidiary of another Indian frim Videocon Industries Ltd has also farmed into the block on identical terms and conditions on the same day, Bharat said.

Upon closing of the transaction, the Participating Interests held by the partners shall be as follows: Anadarko : 35.0%, Medco : 40.0% Bharat Petroleum, 12.5% and Videocon 12.5%. (denny)