Under the terms of the agreement, AziPac, through its wholly owned subsidiary Azimuth Indonesia Limited, will purchase a 40% participating interest in the Bone PSC.
Upon completion of the transaction, subject to the approval of the Government of Indonesia, to approvals, Mitra Energy (Indonesia Bone) will have 60% interest whereas Azimuth will hold 40% interest in the block.
Located in Bone Bay, offshore South Sulawesi and lies in water depths extending from the coast to over 2,000m, the Bone PSC covers an area of 7,516 km².
AziPac director David Sturt said AziPac is looking forward to progressing the exploration and development of the high potential asset.
"We are very pleased to have joined Mitra in this exciting block. The Bone PSC area benefits both from a very prospective petroleum system, as well as an ideal geographical position within the regional markets."
