Japex to Acquire Stake in West Natuna Sea

Japan Petroleum Exploration Co., Ltd. (Japex) announced that its unit Japex West Natuna Limited has signed an agreement to acquire a 30 percent participating interest in the Kerapu Block in the West Natuna Sea, off Indonesia from a wholly owned subsidiary of Mubadala Petroleum, subject to approval by the Indonesian government.

The Kerapu Block is located approximately 124 miles (200 kilometers) northwest of Natuna Island and covers an area of 1,197 square miles (3,100 square kilometers) with a water depth of around 197 feet (60 meters).

Mubadala Petroleum is the operator of the block, with a 100 percent interest. Japex's acquisition, if approved, will trim the Abu Dhabi government-owned upstream oil and gas company's participating interest to 70 percent.

"South East Asia is one of the focus areas of Japex, and it plans to seek additional E&P (exploration and production) opportunities in the region," Japex said in a company release.

Mubadala Petoleum, which was awarded the block in 2008, acquired 3D seismic in 2010 through Petroleum Geo-Services seismic vessel Orient Explorer. An exploratory well in the Kerapu Block is planned for 2013.

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