TexStar Oil announces drilling, exploration plans in Indonesia
Tuesday, January 14 2014 - 02:50 AM WIB
US firm TexStar Oil Corporation announced Monday that it has executed a Letter of Intent (LOI) with PT Bima Sakti Energy for the purchase of drilling and exploration rights of Bima Sakti Area - North Lampung field in Indonesia.
?We are very pleased to be moving forward with our plans of making a long term investment into the exploration and development of on-shore and off-shore oil & gas prospects in Indonesia. Our management?s operations experience in the region, combined with our local partner?s relationships and knowledge of the target fields, makes this an ideal business case for years to come,? said Nathan Halsey, Chairman of TexStar Oil Corporation in a statement.
In the December of last year, the company said it has also executed an LoI with PT Sigma Energi Petrogas for the purchase of drilling and exploration rights of the Enrekang Block Onshore South Sulawesi field.
The company is focused on Indonesia and the North Sea, with existing prospects targeting exploration and exploitation of high impact oil and gas projects located near infrastructure and existing discoveries.
Editing by Reiner Simanjuntak