Blue Dolphin joins in Indonesia operation

Blue Dolphin Energy Co. will acquire a 70% working interest in Blue Sky Langsa Ltd.’s technical assistance contract for the Langsa area offshore Indonesia.

Offshore staff

HOUSTON – Blue Dolphin Energy Co. will acquire a 70% working interest in Blue Sky Langsa Ltd.’s technical assistance contract for the Langsa area offshore Indonesia. Pending shareholder approval, the transaction is expected to close in mid-August.

Langsa covers 77 sq km (30 sq mi) in the Sumatra basin in less than 325 ft (99 m) water depth and contains two oil fields. There are four wells completed with one producing through an FPSO.

The all stock agreement has escalation clauses in the event daily production exceeds 1,500 b/d of oil. Earlier this year, an outside estimate of net proven reserves in Langsa was made at 1.9 MMbbl.



06/16/2010

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