SINGAPORE and HAMILTON, Bermuda – Monday, August 1st, 2016
AziPac Limited (“AziPac” or the “Company”), the Seacrest Capital Group backed E&P company focused on offshore exploration in the Asia Pacific region, provides an update on its operations in the North Madura Production Sharing Contract (“PSC”) block located in the Java Sea, offshore Indonesia.
North Madura PSC update AziPac is pleased to announce that a four year extension has been granted by the Government of Indonesia to the original exploration period effective 18 May, 2016. With these four additional years to evaluate the block, the Company will begin an aggressive exploration campaign including the acquisition of state-of- the-art broadband 3D seismic later this year with an exploration well planned for late 2017.
The North Madura PSC is approximately 622 km 2 and is located in one of the most prolific hydrocarbon producing basins in the region. AziPac acquired a 50% working interest in the PSC in January 2015 and assumed AWE Offshore Pty Ltd.’s remaining 50% interest and Operatorship earlier this year. The block lies directly adjacent to the Pangkah and Poleng oil/gas fields and recent exploration success in the Pangkah block has confirmed the hydrocarbon potential of the Ngimbang carbonate, a deeper reservoir that until now, had been under-explored in the area.
AziPac plans to acquire a 300 km 2 . high resolution dual sensor broadband 3D seismic survey with technology that has proven to be successful in imaging deeper reservoir targets around the world as the Company estimates the deeper Ngimbang could contain in place reserves of several hundred million barrels of oil equivalents.
Appointment of Herry Wibiksana
The Company is also pleased to announce that Herry Wibiksana will be appointed AziPac’s Indonesia Country Manager based in Jakarta and effective from 1 August, 2016. Herry is highly regarded in the Indonesian oil industry as a former Board Director of the Indonesian Petroleum Association. Herry’s previous roles also include General Manager for AWE Indonesia and V.P Business Development for ConocoPhillips Indonesia.
Frank Inouye, Managing Director for Azipac commented:
“I am extremely pleased to have secured the North Madura PSC for an additional four years. As a result of this extension, AziPac will commence an aggressive exploration programme including 3D seismic acquisition and a planned exploration well in 2017.
“The potential of the North Madura PSC has been strengthened by the recent Ngimbang discovery in an adjacent block. Ngimbang is extremely promising as we believe the play fairway extends into the North Madura block which has direct access to a proven source kitchen to the south east. We are confident that acquiring high resolution broadband 3D survey is the key to evaluating not only the potential of the deeper Ngimbang reservoir but also the lateral extent of the shallower Kujung reefs.
“We are using the same dual sensor technology that was used to discover the several billion barrel Johan Sverdrop field in one of the most mature areas of the North Sea in 2011 and are optimistic that our 3D survey will confirm deeper targets within the North Madura PSC.
“I am also very pleased to be able to welcome Herry Wibiksana to AziPac Limited. Herry brings decades of regional expertise in the oil industry and has been instrumental in working with AziPac to secure the four year extension. I am delighted to have him leading our operations in Indonesia.”