Ecosse Energy Acquires Additional Indonesian Acreage

Source: www.gulfoilandgas.com 12/13/2010, Location: Asia

Ecosse Energy Corp., a company focused on oil and gas exploration and production in Indonesia, announced it had completed the acquisition of 100% of the shares of Irian Petroleum, Ltd. (Irian). Irian is the current contractor and operator of the Manokwari PSC (Production Sharing Contract) dated 12 December 2004 (the “Manokwari PSC”).

Ecosse will pay Irian’s former shareholder, CNPC International Ltd., a 10% “net proceeds interest” from production from the Manokwari PSC, and has agreed to indemnify CNPC against obligations to PT Waropen Perkasa, including an operational indemnity, a net profits payment, and a $5,000,000 lump sum payment (due within 15 days following the approval by BPMIGAS of a Plan of Development for the Manokwari PSC – i.e. when the property is entering production phase).

“The Manokwari PSC is located in the north of the Bintuni basin in Papua with commercial oil and gas production in adjacent blocks. Over 1500 km of 2D seismic has recently been completed and interpreted on this block by CNPC with 6 identified gas prospects and 1 identified oil prospect.” said Alan Morrison, President and CEO of Ecosse Energy Corp. “We are planning to drill at least one well in 2011 subject to government approvals. This block is a strategic addition to our existing Indonesian Bengkulu PSC. We are reviewing other potential blocks to expand our assets in Indonesia.”

About Manokwari PSC
Manokwari PSC covers 3,902.66km2 (964,368 acres) onshore in the north of the Bintuni basin in Papua province of Indonesia. The block was awarded in December 2004 for a 30-year duration. Approximately $20 million has been spent on seismic acquisition, processing, interpretation, and geological and geophysical reports in the PSC since 2004.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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