Wednesday, March 03, 2010

Tap Oil Secures Govt Approval to buy 24% Rangkas Block

Tap Energy (Rangkas) Ltd, a subsidiary of Australian Tap Oil Ltd, said on Tuesday that it has secured the necessary approval from the Indonesian government to acquire 24% interest in the Rangkas Block, onshore West Java from Lundin Petroleum AB.
Tap Energy reached a deal with Lundin in late November last year to buy the stakes. Rangkas Block covers an area of 3,997 km2, located in southwest of Jakarta. After the stake purchase, Lundin Rangkas B.V’s interest in the block reduced to 51% and The remainder 25% is held by Carnarvon Petroleum (Indonesia) Pty Ltd). Lundin Rangkas is the operator of the block.
Tap Energy said that previous exploration seismic and drilling in the block, along with the presence of surface oil seeps, indicates the presence of an active petroleum system. A seismic survey of up to 500 km is planned for the first half of 2010, targeting a number of leads identified in recent reviews of the block.
“Those reviews lead us to believe that there is significant untested potential, including previously unrecognized deep targets analogues to proven production in adjacent blocks,” it said. (Roffie Kurniawan)

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