SINGAPORE and HAMILTON, Bermuda, August 22, 2014 /PRNewswire/ --
AziPac Limited ("AziPac"), the Seacrest Capital Group backed
E&P company focussed on offshore exploration in the
Asia Pacific and Bay of Bengal
regions, is pleased to announce the acquisition of a 25% interest
in Block 127 PSC, offshore Vietnam.
AziPac, through its subsidiary Azimuth Vietnam Limited, has
signed a farm-in agreement with Mitra Energy Ltd. ("Mitra"), the
operator, for a 25% participating interest in Block 127 PSC,
offshore Vietnam. As part of the
deal, AziPac will pay a working interest share of the approved past
costs and carry part of Mitra's costs of acquisition and processing
of a 3D seismic survey, scheduled to be acquired in the second half
of 2014. Acquisition of the 3D survey will complete the work
programme obligations for the current Exploration Phase which
expires on 24 May, 2016. Block 127 is
located in the Phu Khanh Basin, off the SE coast of Vietnam. The basin remains relatively
underexplored and recent 2D seismic confirms the potential of the
basin in terms of prospectivity.
Upon completion of the farm-in, the participating interests in
the PSC will be as follows:
Block 127 PSC
Mitra Energy (Vietnam Phu Khanh) Pte
Ltd 75%
Azimuth Vietnam Limited 25%
This farm-in remains subject to the approval of Petrovietnam and
the Government of Vietnam.
Frank Inouye, Managing
Director of AziPac, commented:
'We are very pleased to have acquired an interest in this highly
prospective licence in one of the most exciting hydrocarbon
exploration provinces in the world. Vietnam has experienced a renaissance in
E&P activity recently and we look forward to working with Mitra
Energy to fully evaluate this block.
Block 127 is the second asset AziPac has acquired since we
created the company earlier this year. Along with our interest in
the Bone PSC in Indonesia, we have
what we believe to be a solid platform for future growth in the
region.'
Notes to Editors:
Seacrest Capital Group is a leading energy investor specialising
in offshore exploration, leveraging its proprietary assets and
relationships to build a diversified, global portfolio of
regionally focussed oil and gas exploration companies. Since 2011,
Seacrest Capital Group has invested in a number of successful
start-ups in the United Kingdom
and Norwegian North Sea, West
Africa, South America,
Ireland and South East Asia. As a result of
Seacrest's support, AziPac is in a strong position to take
advantage of and build on further opportunities as they arise in
the offshore Asia Pacific and Bay
of Bengal regions.
Contacts:
AziPac Limited
Daniel McKeown
http://www.azipacexploration.com
+1-441-537-2073
Vigo Communications
Patrick d'Ancona
Chris McMahon
http://www.vigocomms.com
+44-(0)20-7016-9570