AziPac, Mitra Energy, Invest in Bone PSC, Offshore Indonesia

AziPac Limited says it has signed a Farm-in Agreement with Mitra Energy Limited for a 40% interest in the Bone PSC, Offshore Indonesia.

The Bone PSC is situated in Bone Bay, offshore South Sulawesi, and lies in water depths extending from the coast to over 2,000m. The block covers an area of 7,516 km², which is equivalent to approximately 327 Gulf of Mexico blocks or 31 UK Central North Sea blocks.

Under the terms of the agreement, AziPac, through its wholly owned subsidiary Azimuth Indonesia Limited, will acquire a 40% participating interest in the Bone PSC.

Upon completion of the farm-out, the participating interests in the PSC will be as follows:
    *Bone PSC
    *Mitra Energy (Indonesia Bone) Ltd 60%
    *Azimuth Indonesia Limited         40%

David Sturt, Director of AziPac, commented: "We are very pleased to have joined Mitra in this exciting block. The Bone PSC area benefits both from a very prospective petroleum system, as well as an ideal geographical position within the regional markets. We look forward to progressing the exploration and development of this high potential asset."