Pertamina has offered a farm-in opportunity in the Babar Selaru PSC, in the Arafura Sea, on 9 July 2018. The company is offering its entire 15% participating interest in the block, which is located between the Bonaparte Basin and the Banda Forearc Basin, at water depths between 500 and 2,300 m.  The block was awarded in November 2011 and all firm commitments for the first three years of exploration have been fulfilled after the acquisition of a 3,200 sq km 3D seismic survey in 2013. Inpex is operator of the block and holds 85% interest.  In November 2017, the block received a four-year extension for the exploration period, until November 2021.  The block is prognosed to contain three main play types:   1-Â Â Â  Paleozoic play, which has been proven in several fields in the southern part of the Bonaparte Basin (Petrel Sub-basin). Half graben structures have been identified, with potential source rocks and reservoirs in the Paleozoic syn-rift section.  2-Â Â Â  Jurassic play, proven in the nearby Abadi field (Masela PSC) and other fields across the Australian border. This play type consists of structural traps due to normal faulting during Neogene tectonic events. The primary reservoir is provided by Middle Jurassic sandstones of the Plover Formation. Source rock has been identified in Lower Jurassic shales and seal is provided by Upper Jurassic intraformational shales and Cretaceous shales. This play is estimated to contain prospective resources of 581 MMbo.  3-Â Â Â  Shallower Tertiary play, consisting of Miocene reef carbonates which developed over fold belt thrust structures. This play is estimated to contain prospective resources of 432 MMbo.  Prospective buyers are required to submit a Letter of Intent (LOI) to Pertamina, no later than 20 August 2018 at 12.00 PM (GMT). The LOI should be addressed to:  PT Pertamina (Persero)  Jl. Medan Merdeka Timur No. 1A  Central Jakarta  Attn: Act. Senior Vice President  Upstream Business Development  Andi Wisnu  The LOI shall also be submitted in electronic format to the Pertamina contacts below:  Andi Wisnu  Act. Senior Vice President  Upstream Business Development  Phone: +62811-832-058  Email: andi.wisnu@pertamina.com    Dedi Yusmen  Manager Business Ventures I  Phone: +62811-1770-719  Email: dedyy@pertamina.com    Selected parties may be invited to attend Pertaminaâs management presentation and to visit a Data Room, subject to the necessary approvals. After the Data Room process, prospective buyers shall submit a binding proposal to Pertamina for the acquisition of the 15% interest. Further instructions regarding the proposal shall be provided by Pertamina in due course.  Background Information    The Babar Selaru block was awarded to Inpex (100% operator) in November 2011. Firm commitments for the first three years of exploration included G&G studies (USD 1.5 million) and 1,500 sq km 3D seismic acquisition (USD 30 million). Signature bonus paid was USD 1.5 million. The block covered an initial area of 8,170 sq km and it resulted from a combination of the two joint study areas, Babar and Selaru, conducted by Inpex and JOGMEC from December 2009 to 2010. No exploration drilling has taken place within the block boundaries, but there is significant potential as large reserves are known to be held in nearby discoveries like the Abadi field in the Masela block, and further to the south over in the Australian sector, Barossa and Evans Shoal. The Abadi gas/condensate discovery is estimated to contain proven reserves of more than 10 Tscf in Middle Jurassic Plover Formation sandstones.  Mesozoic sandstone reservoirs are likely to be the main potential target in the Babar Selaru block. Source rocks in the region are postulated as Lower Jurassic Babuan Formation shales, Cretaceous Flamingo Formation equivalent shales and Cretaceous Piniya Formation equivalent shales. Multiple potential reservoirs consist of Permian Selu Formation carbonates, Triassic Laibobar Formation carbonates, Jurassic Plover Formation sandstones, Cretaceous sandstones of the Flamingo equivalent, Ungar and Ekmai formations, Eocene Elat Formation carbonates and Oligo-Miocene Batimafudi/Weduar Formation carbonates. A regional seal is provided by the Upper Cretaceous Pinaya Formation equivalent shales with younger localised seals a possibility. Structural traps are likely to be present in the Tanimabar fold and thrust belt.  The last activity in the block was a 3,200 sq km of 3D seismic survey on or around 25 March 2013. The 3D survey was conducted by CGGVeritas using the âViking Visionâ vessel.  Inpex offered a farm-in opportunity in the block in 2015.
Pertamina has offered a farm-in opportunity in the Babar Selaru PSC, in the Arafura Sea, on 9 July 2018. The company is offering its entire 15% participating interest in the block, which is located between the Bonaparte Basin and the Banda Forearc Basin, at water depths between 500 and 2,300 m. 