M3nergy Wins PSC for Ujung Kulon Block in West Java
M3nergy Berhad was the successful bidder on the oil and gas block, Ujung Kulon, On/Offshore West Java Indonesia. Upon acceptance of the Letter of Intent, a Production Sharing Contract will be entered into by and between BPMigas and M3nergy.
The Concession Period is for a term of 30 years. The initial exploration term is six years with the option to extend for another four years. The scope of work under the PSC includes exploration, development, extraction, production, transportation, marketing, abandonment and site restoration operations authorized or contemplated. The capital and investment for the six years of exploration is estimated to range between US $50 million to US $60 million.
Based on initial assessment of the block, there is substantial oil in place ranging from 300 to 400 million barrels of oil. Further seismic survey and drilling work will be carried out to assess the recoverable reserves of the block.
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