VANCOUVER (Yosefardi) – Mitra Energy Inc. made a good progress on farmout following seismic survey Bone PSC in Indonesia.
Processing of 1,200 line kilometres of 2D seismic data is complete, revealing a number of drilling targets in shallow water on trend with onshore fields. A farm-out process has commenced with the goal of securing additional partners to participate in drilling the key prospects.
Mitra holds a 60% operating interest in the Bone PSC Block, offshore Sulawesi, in partnership with Azimuth Indonesia Limited.
The Bone PSC Block is undrilled, but is immediately adjacent to and on trend with proven gas accumulations on production in the onshore Sengkang PSC.
The operator of Sengkang PSC, Energy World Corporation is currently building a LNG liquefaction export facility on the coastline immediately adjacent to Bone PSC Block.
Azimuth farmed into the licence during 2014 in exchange for a carry on geophysical activities. During Q1 2015, Mitra acquired around 1,200 line kilometres of 2D seismic data.
Processing of the data has been completed and has revealed a number of attractive drilling targets in shallow water, on trend with onshore fields. A farm-out process has commenced, with the aim of securing additional partners to fund the drilling of exploration wells from 2016 onwards.
Mitra is engaged in exploration, appraisal and pre-development activities in South East Asia (Philippines, Vietnam and Indonesia), with a portfolio of 10 exploration and pre-development assets. The current asset portfolio comprises approximately 12.8 million acres of awarded acreage.