CNPC Hong Kong has acquired a 70% stake in Continental-GeoPetro Bengara 2 (CGB2) and its interest in the PSC, which is located onshore and offshore East Kalimantan.
The Chinese company will first pay $18.7 million cash into an account jointly controlled by the block's partners and these funds will be used solely for exploration drilling.
CNPC will also provide development loans to CGB2 and carry GeoPetro's entire share of exploitation costs for any oil and gas discovered on the block up to a cost of $41.3
