Total E&P Philippines announced Monday the signature of a Farm out Agreement with Mitra Energy, based in Kuala Lumpur, Malaysia, to acquire a 75-percent interest in the offshore Block SC56, located in the Sulu Sea.
The block covers a total area of around 1,650 square miles, in water depths ranging from 650 to 9,850 feet. Mitra will retain a 25-percent interest in SC56.
"With this new acquisition, Total continues to pursue its strategy to further expand its acreage in significant potential plays in new exploration areas, notably in deep offshore Asia Pacific," said Jean-Marie Guillermou, Total's senior vice president for Asia Pacific exploration and production.
A new exploration phase will start on September 1, 2012, and Mitra will initially operate the seismic works including the re-processing of existing data and the 3D acquisition of additional 190 square miles, after which the operatorship will be transferred to Total for the drilling operations.
This transaction is subject to approval by the authorities of the Republic of Philippines.
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