AziPac to Begin North Madura PSC Exploration in Java Sea by Year End

AziPac Ltd., the Seacrest Capital Group backed Asia Pacific-focused exploration and production company, provided Tuesday an update on its operations in the North Madura Production Sharing Contract (PSC) block located in the Java Sea, offshore Indonesia.

The Indonesian government has granted AziPac a four year extension for the North Madura PSC to the original exploration period effective May 18. The company will commence an exploration campaign, including the acquisition of broadband 3D seismic, later this year with an exploration well planned for late 2017.

AziPac, which bought a 50 percent stake in the 240 square mile (622 square kilometer) North Madura PSC in January 2015, acquired AWE Offshore Pty Ltd.’s 50 percent operating interest earlier this year. The block lies directly adjacent to the Pangkah and Poleng oil/gas fields and recent exploration success in the Pangkah block has confirmed the hydrocarbon potential of the Ngimbang carbonate, a deeper reservoir that until now, had been under-explored in the area.

The firm will acquire 115.8 square miles (300 square kilometers) of high resolution dual sensor broadband 3D seismic survey with technology that has proven to be successful in imaging deeper reservoir targets around the world as AziPac estimates the deeper Ngimbang could contain in place reserves of several hundred million barrels of oil equivalents.

“I am extremely pleased to have secured the North Madura PSC for an additional four years ... The potential of the North Madura PSC has been strengthened by the recent Ngimbang discovery in an adjacent block ... We are using the same dual sensor technology that was used to discover the several billion barrel Johan Sverdrop field in one of the most mature areas of the North Sea in 2011 and are optimistic that our 3D survey will confirm deeper targets within the North Madura PSC," Frank Inouye, AziPac's managing director said in the press release.

Meanwhile, Azipac has appointed Herry Wibiksana as its Indonesia country manager based in Jakarta from Aug. 1. Herry is a former Board Director of the Indonesian Petroleum Association and has previously held roles as General Manager for AWE Indonesia and Vice President, Business Development for ConocoPhillips Indonesia.

“Herry brings decades of regional expertise in the oil industry and has been instrumental in working with AziPac to secure the four year extension. I am delighted to have him leading our operations in Indonesia," Inouye said.



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