Mitra Energy acquires stakes in two East Java PSC blocks

Mitra Energy Ltd. has reached an agreement with Black Platinum Energy Ltd. (BPE) on two separate farm-in arrangements covering the Titan and North Madura Production Sharing Contract (PSC) blocks.

These farm-outs provide the following benefits to both Mitra and BPE:
? Provides Mitra with additional high impact exploration opportunities, targeting the prolific producing East Java gas basin and the fast growing East Java gas market;
? Brings Mitra's extensive regional and local geological knowledge, and direct operational experience in the offshore East Java region, to compliment the capabilities and experience of both BPE and AWE ; and
? Reduces BPE's financial exposure to the upcoming G&G and drilling programs in both PSCs.

The completion of these farm-out arrangements are conditional upon the following:
? The Joint Venture parties giving their consent to the transfer of the interests to Mitra; and
? The Designated Government Authority approving the transactions.

On the completion of the two proposed farm-outs, BPE will retain a 25% non-operating interest, with Mitra acquiring a 25% non-operating interest, in both PSCs. AWE is the operator of both PSCs and has a 50% working interest in the North Madura PSC and a 40% working interest in the Titan PSC with PT Sillo Maritime Perdana holding the remaining 10% non-operating interest.(romel)