TexStar Oil executes LoI on Indonesia Enrekang Block

By Alexander Ginting

US firm TexStar Oil Corporation announced that it has executed a Letter of Intent (LoI) with PT Sigma Energi Petrogas for the purchase of drilling and exploration rights of the Enrekang Block Onshore South Sulawesi field.

?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 obtained Friday.

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