Citarum partners pay up
UK listed Sound Oil is set to push on with this year's seismic shoot over
the Citarum onshore block in Indonesia’s West Java province after its
partners in the contract area paid back their default to the tune of $5.864
million plus interest and costs.
The outfit said that the venture can now revert to good standing under the
terms of the operating agreement and work up more prospects for drilling
early next year.
Sound Oil holds a 20% interest in the production sharing contract area via
its offshoot Mitra Energia Citarum, with partners Bumi Parahyangan Ranhill
Energia Citarum holding a 60% stake and Bumi Parahyangan Energi on a 20%
interest.
The PSC covers an exploration area of some 4000 square kilometres that lies
to the south and east of Jakarta.
The venture drilled the Pasundan-1 well in the block last year.
09 May 2008 04:24 GMT
| last updated:
09 May 2008 04:27 GMT
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