The company has agreed to acquire the 40% stake held by Mitra Energy subsidiary Jadestone Energy.
AziPac, as part of the Azimuth group of companies, has an approach to exploration that involves re-evaluating a broad regional seismic dataset and subsurface models.
It applies the results to target potentially attractive basins and play types.
Azimuth commercial director Kosta Jovanovic said:“With multiple prospects defined and a range of commercialization options in place [for Bone], AziPac is now poised to move into a low-cost drill out in 2018…”
Jadestone executive chairman Paul Blakeley said: "Our decision to withdraw from this PSC is in line with the company's new strategic focus on increasing value through production and development rather than long-dated, frontier exploration.”
Currently, the company is aiming to complete the purchase of an interest in two appraised gas fields offshoreVietnam in the Nam Con Son basin and bring them on-stream in late 2019.
It has also picked up a 30% interest in Vietnamese offshore block 05-1b&c from INPEX, and anticipates a final investment decision on a development during 3Q.