Saka in talks to acquire E. Java exploration block

By Godang Sitompul

Indonesia E&P firm Saka Energi is in talks to acquire 50% interest in North Madura Offshore block from AziPac Limited.

Petromindo.Com sources said that negotiation is underway with decision is expected end of this month.

The North Madura PSC is approximately 622 km 2 and is located in one of the most prolific hydrocarbon producing basins in the region. AziPac acquired a 50% working interest in the PSC in January 2015 and assumed AWE Offshore Pty Ltd.?s remaining 50% interest and Operatorship earlier in 2016. The block lies directly adjacent to the Pangkah and Poleng oil/gas fields and recent exploration success in the Pangkah block has confirmed the hydrocarbon potential of the Ngimbang carbonate, a deeper reservoir that until now, had been under-explored in the area.

Saka Energi is an upstream unit of state gas company PT PGN Tbk

AziPac is a Seacrest Capital Group-backed E&P company, focused on the South-East Asia. Seacrest Capital Group is a leading energy investor specialising in offshore exploration.

Editing by Alexander Ginting