AziPac continued to offer a farm-in opportunity in the North Madura PSC, located in offshore East Java Basin, in April 2018. The company is planning to drill a commitment well in the block, likely in 2018. The well, Ratna 1, will primarily target Kujung carbonates with prospective resources of 450 Bcfg. Drilling cost are estimated at around USD 8 million on a dry-hole basis.  The block is located near producing fields such as Ujung Pangkah (Pangkah PSC, operated by Saka Energi) and KE-5 (West Madura Offshore PSC, operated by Pertamina Hulu Energi).  AziPac is operator and sole interest holder in the block after the acquisition of 50% interest from outgoing operator AWE in March 2016. The company received a four-year exploration extension for the North Madura PSC, effective on 18 May 2016.  The last exploration activity in the block was a 400 sq km 3D seismic survey. Acquisition was done using âPGS Apolloâ S/V, utilizing dual sensor broadband technology. It was part of the multi-client survey project, with a total survey area of 2,536 sq km, which also covers North Madura II and Ketapang blocks, operated by Petronas Carigali. Â   The previous exploration activity in the block was a 350 km 2D seismic survey in September 2014. Future exploration activities could be targeting deeper potential reservoirs of the Eocene Ngimbang Carbonate Formation, in addition to the shallower Kujung carbonates.  Moyes & Co is Azipacâs representative for this opportunity. Interested parties may contact:  Ian Cross    Managing Director  Email: ICross@MoyesCo.com  Tel: +65.9776.0753Â   Background Information  The North Madura block was offered on 30 November 2009 as part of the Second Petroleum Bidding Round 2009 under the direct offer mechanism. Preliminary award for the block was made on 14 May 2010.    The North Madura PSC was officially awarded to AWE (50%, operator) and Black Platinum Energy (50%) on 18 May 2010. Mitra Energy then farmed-in and acquired 25% interest from Black Platinum on 9 June 2011. Firm commitments for the first three years of exploration include G&G studies (USD 0.4 million), and drilling of one exploration well (USD 8 million). Signature bonus for the block was USD 1 million.  The block covers an area of approximately 625 sq km following the second partial relinquishments in 2016 and comprises two separate areas in shelf water. It is adjacent to Pertaminaâs West Madura Offshore PSC, which includes Poleng and KE 6 oil fields and KE 5 gas field and to Petronas Carigaliâs Ketapang PSC, which includes the Bukit Tua oil and gas field. Several sub-blocks were previously covered by the Pangkah PSC, currently operated by Saka Energi.  AziPac initially entered the block in October 2015, acquiring a combined 50% interest from Mitra Energy (25%) and North Madura Energy Limited (25%), a wholly-owned subsidiary of Black Platinum Energy.
AziPac continued to offer a farm-in opportunity in the North Madura PSC, located in offshore East Java Basin, in April 2018. The company is planning to drill a commitment well in the block, likely in 2018. The well, Ratna 1, will primarily target Kujung carbonates with prospective resources of 450 Bcfg. 