PT Medco has finalized the sale of its 100% interest in the Bawean PSC, in offshore East Java, to HyOil Pte Ltd, on 25 September 2017. Government approval for the transaction was granted on 20 June 2017. The Sale and Purchase Agreement (SPA) was signed on 1 September 2016, whereby Medco agreed to divest 100% shares of in its fully owned subsidiaries Camar Bawean Petroleum Ltd and Camar Resources Canada Inc which hold respectively 65% and 35% interests in the block, with Camar Bawean Petroleum being the operator. The Bawean PSC was awarded in 1981 and received a 20-year extension in 2010. The extended contract is set to expire in 2031. The block contains the Camar field which produced 640 bo/d in 2016. The field, discovered in 1970, was brought onstream in 1991. Output in 2015 was approximately 170,000 bo. The productive reservoir in the field are carbonates of the Kujung Formation. Medco offered a farm-in opportunity in the block in 2014. It is understood that the operator was planning to drill appraisal well Bunku 2 in 2014. The well was intended to appraise the previous Bunku 1A oil discovery, but the drilling likely did not fall through.
Indonesia (JS Ridge (East Java B.)) Camar