Release: PTTEP: Participation in the petroleum exploration block Merangin I
Tuesday, July 19 2005 - 04:16 AM WIB
July 18, 2005 ? PTT Exploration and Production Public Company Limited (PTTEP) wishes to announce that on July 18, 2005, PTTEP Offshore Investment Company Limited or PTTEPO (a subsidiary of PTTEP with shareholdings by PTTEP and PTTEP International Limited of 75% and 25% respectively) signed a Farm-in/Farm-out Agreement to acquire the interest in the Merangin I Production Sharing Contract, with PT Medco E&P Merangin. The participating interest for PT Medco E&P Merangin (the Operator) will be 61%, and for PTTEPO 39%.
The block Merangin I covers an area of approximately 3,200 square kilometers. The block is located onshore, in the south of Sumatra, Indonesia. A primary geological study for Block Merangin I indicates crude oil potential. The Company plans to drill one exploration well in 2005.
The participation will be valid after BPMIGAS, an Indonesian government agency, approves the above-mentioned Farm-in/Farm-out Agreement. (end of release)