Tap Oil acquires 24% Rangkas block
Lundin Petroleum AB ("Lundin Petroleum") announced that its wholly owned subsidiary Lundin Rangkas B.V has entered into a farm-out agreement with Tap Energy (Rangkas) PTY LTD ("Tap"), a subsidiary of Tap Oil Limited of Australia, in respect of the Rangkas block onshore West Java, Indonesia.
Tap Oil, listed on ASX, will acquire a 24 percent interest in the Rangkas block onshore Indonesia. The block covers 3,977 km2 and several leads have been identified in the block. A 2D seismic acquisition program is due to commence in 2010.
Carnarvon Petroleum (Indonesia) PTY LTD, a subsidiary of Carnarvon Petroleum Limited of Australia, also listed on ASX, recently farmed into 25 percent of the Rangkas block. Lundin Rangkas B.V. is the operator of the Rangkas block and will have the remaining 51 percent working interest. The completion of this transaction is subject to the approval of the Government of Indonesia.