Thai PTTEP signs farm-in deal in Bengara I PSC
Monday, November 27 2006 - 04:53 AM WIB
Thailand?s PTT Exploration and Production Public Company Limited (PTTEP) announced on Monday that its subsidiary PTTEP Bengara I Company Limited (PTTEPB) signed a farm-in/farm-out agreement with PT Medco E&P Bengara to acquire the latter's interest in the Bengara I PSC
PTTEP said that following the agreement signed on Nov. 24, the participating interest for PT Medco E&P Bengara became 60 percent and for PTTEPB 40 percent.
PT Medco E&P Bengara is still the operator of the PSC, PTTEP said in statement.
According to PTTEP, it plans to drill one exploration well in 2006.
The block Bengara I covers an area of approximately 2,311 square kilometers. The block is located onshore East Kalimantan. A preliminary geological study indicates crude oil potential at the block. (denny)