SINGAPORE and HAMILTON, Bermuda, Aug. 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
Azimuth Vietnam Limited
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.