Private equity-backed player AziPac is planning a “low-cost” exploration drilling programme off Indonesia next year after agreeing to take full control of a production sharing contract off Sulawesi.

The company, backed by funds from Seacrest Capital Group, is taking over operatorship of the Bone PSC from Jadestone Energy, which is shedding its 60% stake.

Asia Pacific-focused AziPac already holds a 40% stake in Bone following a 2014 farm-in deal, but Jadestone – until late last year known as Mitra Energy – has been searching for further partners for the past few years in order to fund a drilling drive.