JAKARTA (Yosefardi) – Continental Energy Corporation expects a farm-in opportunity will arise in the future after losing a competitive bid to get the Bengara-II Block, Indonesia.
“We submitted a competitive bid with a strong and experienced local oil and gas industry partner, but lost to a more aggressive bid. However, we are hopeful that a farm-in opportunity will arise in the future, as we believe our knowledge of the Bengara-II block would make a strong contribution to insuring exploration success,” said Richard L McAdoo, CEO of Continental, in a statement released by PRNewswire Monday (Dec 23).
As reported earlier, Tansri Madjid Energi, an Indonesian company, wins the block, which consisted of a firm work obligation of minimum value US$51.75 million to be carried out during the first three PSC contract years plus a signature bonus of US$2.5 million.