US MCube completes acquisition of Halmahera and Rembang blocks

US oil firm MCube Petroleum, Inc. had completed the takeover of Halmahera and Rembang explorations blocks last month, the company said in a recent announcement on its website.

MCube gets the rights to operate the Halmahera Block for 30 years until 2033 through the 100% acquisition of Halmahera Petroleum Ltd?s shares. The Halmahera Block is located onshore and offshore of the Halmahera Island, Maluku, covering an area of approximately 10,262 square kilometers. MCube is expected to commit USD16 million in the next six years to explore the Halmahera Block.

Mcube acquired 100 percent shares of Orna International Ltd. (Orna), which owns right to operate the Rembang Offshore Block until 2033. The block, covering a total area of approximately 4,220 square kilometers, is located in the Java Sea, North Java.

MCube is expected to commit $10 million to explore the Rembang Offshore Block.

Rembang block has a potential recoverable of 4.13 TCF of natural gas while the potential recoverable of the Halmahera Block includes 1,121 MMBO and 1.20 TCF of gas, said the company. (alex)