Quest Petroleum enters partnership with Moyes & Co

By Demas Simbolon

ASX-listed Quest Petroleum NL said that it has entered into a strategic partnership with Moyes & Co to facilitate the company?s plans to evaluate and if found suitable acquire producing oil and gas assets in Indonesia that will complement its existing development strategy at the Ranau Projects in South Sumatra.

Moyes & Co is an oil and gas focused advisory firm with a strong international reputation. The Moyes team will utilize its deep technical skills to provide a range of services including evaluation, independent third party assessment of selected assets, technical and legal due diligence on acquisitions and assist in acquisition and production funding at the asset level, Quest said in a statement obtained Monday.

The company, due to the far reaching contact and relationship base of the Deputy Chairman and his family, is receiving numerous proposals to participate in existing production assets in Sumatra and West Java that could compliment the company?s ambition to become a significant hydrocarbon producer in the short term.

?This has necessitated the generation of an expanded business plan, project acquisition, funding strategy, the involvement of Moyes & Co and their assistance to facilitate funding at the asset level. This will minimize dilution in the corporate entity and will allow the company to participate in some of the multiple projects on offer from parties associated with our Indonesian partners in PrabuEnergy,? the company said.

The company further explains its various expansion activities going forward as follows.

Exploration and Development of Ranau PSC:
Ranau PSC is located in a prolific oil region adjacent to existing production
Over the next twelve months we plan to drill three wells
Complete seismic over identified hydrocarbon occurrences

Acquisition of Producing Assets:
Build a production base through acquisitions of production assets with existing or near term cash flow

Acquire Additional Blocks:
? Indentify and exploit new petroleum systems and revisit established basins in Sumatra and Java
? Leverage management?s extensive experience in geology and industry pr.ocesses in Indonesia
? Continue conducting joint studies with Trisakti University to identify further acquisition opportunities.

Editing by Reiner Simanjuntak