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AziPac extends reach offshore Indonesia

09th June 2014

AziPac Limited has taken a 40 per cent participating interest in the Bone PSC offshore Indonesia

AziPac extends reach in Indonesia
The Bone PSC is situated in Bone Bay, offshore South Sulawesi, and lies in water depths extending from the coast to over 2,000 metres

Under the terms of the agreement, AziPac, through its wholly owned subsidiary Azimuth Indonesia Limited, will acquire a 40 per cent participating interest in the Bone PSC.

Upon completion of the farm-out, the participating interests in the PSC will be as follows:

The Bone PSC is situated in Bone Bay, offshore South Sulawesi, and lies in water depths extending from the coast to over 2,000 metres. The block covers an area of 7,516 square kilometres.

Mitra Energy hold the remaining 60 per cent interest in the block.

“We are very pleased to have joined Mitra in this exciting block,” said David Sturt, director of AziPac. “The Bone PSC area benefits both from a very prospective petroleum system, as well as an ideal geographical position within the regional markets. We look forward to progressing the exploration and development of this high potential asset.”

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