Sound Oil Partners Cure Default at Citarum
Sound Oil plc, which holds a 20% participating interest in the Citarum Production Sharing Contract ("PSC"), West Java, through its subsidiary Mitra Energia Citarum Ltd, announces that its partners in the PSC have cured their default (announced by Sound Oil on 18 March 2008)in the sum of $5.864 million plus related interest and costs and therefore revert to good standing under the terms of the Joint Operating Agreement.
The parties involved are the Operator, Bumi Parahyangan Ranhill Energia Citarum Pte. Ltd (BPREC) with a 60% participating interest and Bumi Parahyangan Energi Pte. Ltd (BPE) with a 20% participating interest.
Gerry Orbell, Sound Oil's Chairman said: "We hope that now this default episode is behind us we can get on with this year's approved seismic program and work up more prospects for drilling early in 2009."
The Citarum Production Sharing Contract is an exploration area of over 4000 sq km, situated to the south and east of Jakarta, Java. The Pasundan 1 well was drilled between 9th May and 27th September 2007.
- Total Acquires Stake in Philippines Block SC56 (Aug 23)
- Mitra Prepares for 2D Seismic of Sibaru Block, East Java (Jun 19)
- Sound Oil Partners Cure Default at Citarum (May 08)
Company: Sound Oil more info
- Sound Gets Closer to Securing Rig for Badile Drill (Feb 29)
- Sound Energy All Set to Drill First Moroccan Well (Feb 15)
- Sound Energy Confirms Clean-Up Operations at Nervesa (Feb 09)