Participation in the Petroleum Exploration Block Bengara I, Indonesia

abarrelfullabarrelfull wrote on 03 Mar 2015 19:28

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November 27, 2006

PTT Exploration and Production Public Company Limited (PTTEP) wishes to announce that on November 24, 2006, PTTEP Bengara I Company Limited or PTTEPB (a subsidiary of PTTEP) signed a Farm-in/Farm-out Agreement to acquire the interest in the Bengara I Production Sharing Contract, with PT Medco E&P Bengara. The participating interest for PT Medco E&P Bengara (the Operator) will be 60%, and for PTTEPB 40%.

The block Bengara I covers an area of approximately 2,311 square kilometers. The block is located onshore, in the east of Kalimantan, Indonesia. A primary geological study for Block Bengara I indicates crude oil potential. The Company plans to drill one exploration well in 2006.

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