CALGARY, Canada – Kulczyk Oil Ventures (KOV), has entered into a sale and purchase agreement to acquire all issued shares of AED Southeast Asia.
The transaction will increase KOV’s stake in Block L offshore/onshore Brunei to 90%.
AED currently has a 50% operating interest in the PSA for Block L, giving it the right to explore for and produce oil and gas from the block.
Block L covers 1,110 sq km (428 sq mi). Its size was recently reduced by 50% as part of the mandatory Phase 1 relinquishment process.
A 143-sq km (55-sq mi) 3D seismic program is under way and two additional exploration wells should be drilled prior to the end of the Phase 2 exploration period.
Following closure of the acquisition, Kulczyk Oil Brunei will have a 40% interest in the PSA and new subsidiary AED SEA (operator) 50%. The remaining 10% interest will be retained by a private Brunei company.