KrisEnergy to farm out West Papua exploration block

By Febry Silaban

SGX-listed KrisEnergy Ltd., an independent upstream oil and gas company, is seeking partner to participate in the Udan Emas PSC onshore West Papua, according to an industry source.

"KrisEnergy is offering up to 49 percent working interest in the Udan Emas block at ground floor for a pro rata share of back costs and a full carry on an exploration well," the source told Petromindo.com.

The block is a unique entry opportunity into a frontier exploration in a proven play with ?multi-tcf potential?, the source said. A 300 km 2D seismic acquisition survey is underway and initial processing results are encouraging.

The Udan Emas PSC is situated onshore West Papua, 75 km from the Tangguh LNG plant and 60 km from recent onshore gas discoveries in the adjacent Kasuri block. The block was signed by KrisEnergy on July 20, 2012, through direct offer. KrisEnergy holds a 100 percent operating interest in the block.

Editing by Johannes Simbolon