AziPac set for outright control of Bone PSC off Indonesia

AziPac subsidiary Azimuth Indonesia will become the sole venture in the Bone production sharing contract offshore Indonesia, subject to government approval.

Offshore staff

SINGAPORE -- AziPac subsidiary Azimuth Indonesia will become the sole venture in the Bone production sharing contract offshore Indonesia, subject to government approval.

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.

5/24/2017

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