Terra will receive cash fees for providing exploration services using its proprietary SteP technology in connection with a large license block located in Sumatra, Indonesia to determine and delineate areas of oil and gas prospectivity.
Alexandre Agaian, president of Terra, said: “Indonesia is a recognized oil and gas producing country, and our entry into the Indonesian exploration market is a significant milestone for the company. Pertamina is one of the largest oil and gas companies in the world and is the most profitable state company in Indonesia.
“There were several recent unsuccessful drilling attempts on this license block, and Terra is excited to take on the challenge of exploration where traditional methods failed.”
Terra, through its subsidiary Terra Insight Services, provides mapping and analysis services for exploration, drilling and mining companies related to natural resources found beneath the surface of the earth.
