JOGMEC Provides JAPEX with Cash for Exploration in Indonesia
JOGMEC announced today that it will provide equity financing to Japex West Natuna Limited, established by Japan Petroleum Exploration Co.,Ltd. (“JAPEX”), which will acquire a 30% interest in the Kerapu Block offshore Indonesia.
In July 2013, Japex West Natuna Limited signed an agreement to acquire a 30% participating interest in the Kerapu Block from an affiliate of Mubadala Petroleum, the operator of the Block. The transfer of interest is subject to the Indonesian Government approval.
JOGMEC will provide equity capital covering up to 50% of the exploration expenditures incurred by the JAPEX subsidiary after the aforesaid governmental approval is obtained.
The Kerapu Block is located approximately 200km northwest of Natuna Island, in the Indonesian waters of the West Natuna Sea where a number of oil and gas fields have been discovered. This project is expected to enhance JAPEX’s upstream activities in Southeast Asia being one of its focus areas, and will reinforce Japan’s energy security when successful.
November 19, 2013