JAKARTA (Indonesia) – Continental Energy Corporation, an emerging international energy investment company, announced that its Indonesian production sharing contract (PSC) bid group was one of seven unsuccessful bidders for the Bengara-II Block.
Indonesian oil and gas regulator, MIGAS, announced the results of the February 2013 bid round in Jakarta late last week.
The winning bidder for the Bengara-II Block is PT Tansri Madjid Energi, an Indonesian coal mining company. The winning bid consisted of a firm work obligation of minimum value totalling US$ 51,750,000 to be carried out during the first three PSC contract years plus a signature bonus of US$ 2,500,000.
The winning work commitment includes the drilling of 5 exploratory wells, acquisition of 500 line kilometers of 2D seismic data, and acquisition of 200 square kilometers of 3D seismic data.