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AziPac Acquires 25% Interest in Block 127 PSC Offshore Vietnam

Source: www.gulfoilandgas.com 8/22/2014, Location: Asia

AziPac Limited, the Seacrest Capital Group backed E&P company focussed on offshore exploration in the Asia Pacific and Bay of Bengal regions, is pleased to announce the acquisition of a 25% interest in Block 127 PSC, offshore Vietnam.

AziPac, through its subsidiary Azimuth Vietnam Limited, has signed a farm-in agreement with Mitra Energy Ltd the operator, for a 25% participating interest in Block 127 PSC, offshore Vietnam. As part of the deal, AziPac will pay a working interest share of the approved past costs and carry part of Mitra's costs of acquisition and processing of a 3D seismic survey, scheduled to be acquired in the second half of 2014. Acquisition of the 3D survey will complete the work programme obligations for the current Exploration Phase which expires on 24 May, 2016. Block 127 is located in the Phu Khanh Basin, off the SE coast of Vietnam. The basin remains relatively underexplored and recent 2D seismic confirms the potential of the basin in terms of prospectivity.

Upon completion of the farm-in, the participating interests in the PSC will be as follows:
- Azimuth VietnamLimited 25%

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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