Japex Acquires Stake in Kerapu Block Off Indonesia

Japan’s JAPEX today announced it has signed an agreement to acquire a 30% participating interest in the Kerapu Block, located in the West Natuna Sea, Indonesia from  Mubadala Petroleum which holds a 100% interest in the Kerapu Block.
Mubadala Petroleum is an international, upstream oil and gas exploration and production (“E&P”) company managing assets and operations across 12 countries in the Middle East, Africa, Central and Southeast Asia including Indonesia.The Kerapu Block is located approximately 200km northwest of Natuna Island, in the Indonesian waters of the West Natuna Sea, covering an area of 3,100km2with a water depth of around 60m.

3D seismic was acquired in 2010 and an exploratory well is planned in 2013. South East Asia is one of the focus areas of JAPEX, and it plans to seek additional E&P opportunities in the region. This transfer of interest in the Kerapu Block is subject to Indonesian Government  approval.