Jadestone quits Indonesia exploration block
Wednesday, May 24 2017 - 01:01 AM WIB
Canada-listed oil, gas firm Jadestone Energy Inc. announce on Tuesday its withdrawal from the Bone PSC exploration block offshore South Sulawesi.
The company said that the move was in line with its strategy to release the company from non-strategic exploration assets.
Bone PSC is operated by Mitra Energy (Indonesia Bone) Limited, a wholly owned subsidiary of Jadestone, 60% working interest. Azimuth Indonesia Limited holds the remaining 40% interest. Azimuth is a unit of Southeast Asia-focused E&P firm AziPac.
Agreement has been reached to transfer the 60% working interest and operatorship to Azimuth, subject to government approval, the company said. AziPac said on Tuesday that it will start drilling exploration well in Bone in 2018.
In Indonesia Jadestone also has 50% interest in Ogan Komering PSC block onshore South Sumatra.