Star Energy acquires 50 percent interest in Banyumas block

Star Energy has acquired a 50 percent working interest in Banyumas block onshore Central Java, an industry source told Petromindo.com on Monday.

The company obtained a 25 percent interest each from Swedish E&P company Lundin Petroleum AB and ConocoPhillips, which previously equally owned the block.

Earlier, Lundin said that discussions with potential farm-in partners over Banyumas block were well advanced.

The source said Lundin would retain the operatorship until the exploration program in the block brought an oil or gas discovery well. “After that time Star Energy should take over the operatorship,” the source added.

In 2003, Lundin acquired 550 km of new 2D seismic over existing leads in the block. Some of these leads are large deeply rooted structures under surface oil and gas seeps, according to Lundin.

Lundin has also planned to commence drilling exploration in the block in the second quarter of 2005. (godang)