Mitra Energy Ltd. entered into a farm-out agreement with AziPac for the partial assignment of Mitra's participating interest in the Bone PSC offshore Indonesia, the company announced on 9 June 2014.
Under the terms of the agreement, Mitra will assign a 40% participating interest in Bone PSC to AziPac. In consideration for the assignment, AziPac will pay a working interest share of prior costs and partially carry the costs of acquisition and processing of various geophysical surveys, scheduled to be acquired during 2014 which will allow the maturation of a low-risk prospect in shallow water for drilling in 2015.
The Bone PSC is situated in Bone Bay, offshore South Sulawesi, and lies in water depths extending from the coast to over 2000m. An independent best estimate for the gross unrisked prospective resource potential is 2074MMboe with an upside resource of 4266MMboe.
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