Australia's Roc Oil Company Limited announced Friday that its wholly owned subsidiary Roc Oil (Sarawak) Sdn Bhd has inked a Letter of Intent to farm-out a 20 percent participating interest in the Production Sharing Contract (PSC) for the three fields D35, D21 and J4, located in water depths of approximately 164 feet off Eastern Malaysia to local firm Dialog Resources Sdn Bhd.
"The Dialog farm-in will reduce ROC's participating interest to 30 percent. The farm-out is subject to Petronas approval, joint venture approval and completion of documentation," Roc Oil said in a press release.
Roc Oil farmed in for a 50 percent participating interest to the PSC in April 2014, partnering Malaysia's national oil and gas firm Petronas' upstream unit Petronas Carigali which holds a 50 percent operating interest in the 57.9 square mile- or 150 square kilometer-block.
The terms of the PSC, effective from January 2014 to December 2034, are designed for field redevelopment and enhanced oil recovery to commercially encourage progressive incremental oil development over the full life of the PSC, Roc Oil stated on its website.
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