Cott forms Indonesian study group

SXC.HU

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Danica Newnham

 13 March 2013 02:43 GMT

Australia’s Cott Oil & Gas has established a study group consortium to evaluate the petroleum potential of an area in South East Papua, Indonesia.

The newly-listed company said on Wednesday it will have a 25% interest in the consortium and will contribute a quarter of the costs of the study.

Cott anticipated completion of the study by the end of the third quarter, after which the company will have an option to acquire a 25% interest in the rights of a joint study agreement in South East Papua.

This agreement will then enable the parties to gather and evaluate data relating to the certain area of interest’s petroleum potential.

Following this, Cott will have a right of first…

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