Transfer of Mitra Energy?s interest in Biliton PSC to Geopetrol approved

The Energy and Mineral Resources Ministry has approved the transfer of a 47.5-percent participating interest of Mitra Energy Biliton Pte Ltd in the Biliton PSC to Geopetrol Biliton Corp.

Mitra Energy Biliton is a wholly owned subsidiary of Mitra Energy Ltd. Mitra Energy Biliton retains the operatorship of the PSC, Mitra Energy said in a press statement.

Following the transfer of participating interest, Mitra Energy Biliton interest declined to 47.5 percent from 95 percent previously, while Geopetrol Biliton Corp holds 47.5 percent. The remaining 5 percent is held by PT Mitra Energy Development, a company unrelated to Mitra.

The Biliton PSC covers an area of 1,302 square kilometers of the Java Sea, in water depths of generally less than 50 meters. The area is the remaining of the original PSC area after the second relinquishment that was approved by the Energy Ministry on 6th September 2011.

Mitra acquired the Biliton PSC from Serica Energy and Nations Petroleum in April 2009.

The block contains the Biliton Sub-basin, which prior to 2007 had only one well penetration, Parang G-1, drilled in 1974. Oil shows in this well and BP's discovery of seabed oil seeps updip of the Batara Indra structure suggested a working petroleum system.

Editing by Roffie Kurniawan