AziPac Limited acquires 50% participating interest in North Madura PSC, offshore East Java, Indonesia

SINGAPORE and HAMILTON, Bermuda – Monday, 11th, May, 2015:         

 

AziPac Limited (“AziPac”), the Seacrest Capital Group backed E&P company focussed on offshore exploration in the Asia Pacific region, is pleased to announce the acquisition of  a 50% interest in the North Madura Production Sharing Contract (“PSC”) located offshore Java Sea, Indonesia.

 

AziPac, through its subsidiary Azipac North Madura Limited, acquired a 25% participating interest from Mitra Energy (Indonesia North Madura) Limited and a further 25% participating interest from North Madura Energy Limited.   The North Madura block covers approximately 1850 square kilometres and is located offshore East Java in water depths of 45 meters.  The block is located in the NE Java Basin, one of Indonesia’s most prolific hydrocarbon producing areas and is along trend with several producing fields, most notably the Ujung Pangkah and Poleng oil and gas fields.  AWE Limited (“AWE”) operates the block and recently acquired approximately 1000 kilometres of 2D seismic over the southern part of the block.

 

Upon completion of the farm-in, the participating interests in the PSC will be as follows:

North Madura PSC
AWE Limited (via subsidiaries) 50%
AziPac Limited 50%

 

This farm-in remains subject to the approval of SKKMIGAS and the Government of Indonesia.

 

It is currently anticipated that an exploration well will be drilled on the block in 2016 following analysis of the 2D seismic which was recently acquired over the southern part of the block.

 

Frank Inouye, Managing Director of AziPac, commented:

 

“We are extremely pleased to have secured an interest in the North Madura block and look forward to working with AWE to further explore an area that we believe has been largely under-explored for the past 20 years.  Our team have worked extensively in the region and are extremely excited by the block’s diverse exploration potential. In addition, the in-place local infrastructure provides a clear route to monetisation for future discoveries making this a particularly attractive area in which to operate.  Indonesia remains a focus area for AziPac and the North Madura block along with our interest in the Bone PSC, provides a solid base on which to develop our regional asset portfolio.”

 

Contacts:

AziPac LimitedDanielMcKeown www.azipacexploration.com+1 441 537 2073
 Vigo CommunicationsPatrick d’Ancona

Chris McMahon

www.vigocomms.com+44 (0)20 7016 9570
Alex Aleksandrov

 

Notes to Editors:

 

AziPac is a Seacrest Capital Group-backed E&P company, focused on the South-East Asia. The company is led by an experienced management team with a proven track record in the Asia Pacific region. AziPac is focused on generating significant value for its stakeholders through advanced seismic technology and other geotechnical de-risking technologies ahead of drilling oil & gas exploration opportunities.

 

Seacrest Capital Group is a leading energy investor specialising in offshore exploration, leveraging its proprietary assets and relationships to build a diversified, global portfolio of regionally focussed oil and gas exploration companies. Since 2011, Seacrest Capital Group has invested in a number of successful new exploration companies in the United Kingdom, Norway, West Africa, Ireland, South East Asia and South America.