AziPac to Acquire 25% Stake in Block 127 in Vietnam's Phu Khanh Basin
AziPac Limited (AziPac), the Seacrest Capital Group backed exploration and production (E&P) company focused on offshore exploration in the Asia Pacific and Bay of Bengal regions, announced Friday the acquisition of a 25 percent interest in Block 127 PSC (production sharing contract), offshore Vietnam.
AziPac, through its subsidiary Azimuth Vietnam Limited, has signed a farm-in agreement with Mitra Energy Ltd., (Mitra) the operator, for a 25 percent participating interest in Block 127 PSC, offshore Vietnam. As part of the deal, AziPac will pay a working interest share of the approved past costs and carry part of Mitra's costs of acquisition and processing of a 3D seismic survey, scheduled to be acquired in the second half of 2014. Acquisition of the 3D survey will complete the work program obligations for the current Exploration Phase which expires May 24, 2016. Block 127 is located in the Phu Khanh Basin, off the south east coast of Vietnam. The basin remains relatively underexplored and recent 2D seismic confirms the potential of the basin in terms of prospectivity.
Upon completion of the farm-in, the participating interests in the PSC will be as follows:
Block 127 PSC
- Mitra Energy (Vietnam Phu Khanh) Pte Ltd: 75 percent
- Azimuth Vietnam Limited: 25 percent
This farm-in remains subject to the approval of Petrovietnam and the Government of Vietnam.
Frank Inouye, managing director of AziPac, commented:
"We are very pleased to have acquired an interest in this highly prospective license in one of the most exciting hydrocarbon exploration provinces in the world. Vietnam has experienced a renaissance in E&P activity recently and we look forward to working with Mitra Energy to fully evaluate this block.
Block 127 is the second asset AziPac has acquired since we created the company earlier this year. Along with our interest in the Bone PSC in Indonesia, we have what we believe to be a solid platform for future growth in the region."
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