Azipac signs agreement to take 100% working interest in the Bone licence, offshore Indonesia


Hamilton, Bermuda – Tuesday, May 23, 2017:

AziPac, the Seacrest Capital Group-backed E&P company focused on South East Asia, is pleased to announce that Azimuth Indonesia Limited, a wholly owned subsidiary of AziPac, has signed an agreement with Mitra Energy Limited, under which Mitra will withdraw and AziPac will acquire the remaining 60% interest in the Bone PSC.

AziPac currently holds a 40% non-operating interest in the licence and following completion, and subject to receipt of government approvals, AziPac will hold a 100% operating interest. This increase of interest is directly in line with AziPac’s growth strategy in Indonesia and the wider region.

AziPac, as part of the Azimuth group of companies, has a data-driven approach to exploration, whereby the company has built up and re-evaluated a broad regional seismic dataset and subsurface models. This regional view is used to target attractive basins and play types, and the acquisition of the remaining interest in the Bone licence is as a result of this process.

Kosta Jovanovic, Commercial Director of Azimuth, commented:

“AziPac targets value creation through high-impact exploration in offshore Indonesia. Today’s news marks the latest step in the growth of our portfolio and allows AziPac to drive the next key milestone in unlocking the potential of the Bone licence. With multiple prospects defined and a range of commercialisation options in place, AziPac is now poised to move into a low-cost drill out in 2018.AziPac’s core exploration advantages are its data access, experience, technology, and execution capability, coupled with strong backing from Seacrest Capital Group. Further to today’s transaction, AziPac is currently executing on an additional set of opportunities to significantly increase its activity and footprint in 2017 and 2018.”