AziPac Acquires 50% Stake in North Madura PSC Offshore Java
AziPac Limited (AziPac), the Seacrest Capital Group backed exploration and production (E&P) company focused on offshore exploration in the Asia Pacific region, announced Monday the acquisition of a 50 percent 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 percent participating interest from Mitra Energy (Indonesia North Madura) Limited and a further 25 percent participating interest from North Madura Energy Limited. The North Madura block covers approximately 714 square miles (1,850 square kilometers) and is located offshore East Java in water depths of 148 feet (45 meters). The block is located in the North East 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 621 miles (1,000 kilometers) 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 percent
- AziPac Limited - 50 percent
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.”
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