Mentari Garung Energy offered a farm-in opportunity in the Garung PSC, located in onshore/offshore southern Kalimantan, in April 2019. The contract carries an outstanding exploration commitment of 300 km 2D seismic acquisition which is due by May 2021.  Mentari Garung Energy is operator and sole interest holder in the block. The PSC, covering an area of more than 7,000 sq km, was awarded in May 2015.  Shortly after the award, the company commenced advance geological studies in preparation for future exploration in the block. The interpretation of pre-existing seismic, gravity and well data, in addition to surface evidence and gas seeps, allowed the identification of at least five leads within Upper Oligocene-Lower Miocene Berai Formation carbonates and Eocene Tanjung Formation sandstones. Prospective recoverable resources in the block have been estimated at approximately 77 MMbo.  No further exploration activities have been conducted in the block after 2015, due to the oil price collapse.  On 26 June 2015, PT Mitra Investindo Tbk executed an agreement with shareholders of Mentari Garung Energy for the subscription of 33% of the total shares capital in Mentari Garung. Mitra Investindo is an investment company focused on the development of natural resources, such as hydrocarbons and granite quarries.  Moyes & Co. is the representative of Mentari Garung Energy for this opportunity. For further information, interested parties may contact:  Ian Cross  Managing Director  icross@moyesco.com  +65 9776 0753  Background Information  The eastern portion of the Garung block is situated in the southern portion of the Barito Basin, primarily onshore, while the western portion of the block is mostly offshore, straddling the northeastern edge of Karimunjava Arch and the northern edge of Barito Shelf. Only two exploratory have been drilled within the block, in the eastern portion of the current contract area. The Tanjung Tawas 1 wildcat was spudded by BPM in 1936. The well was plugged and abandoned as dry, with a total depth of 160 m in the Late Miocene to Early Pliocene Dahor Formation.  The Kahajan 2 well, located some 16 km northwest of Tanjung Tawas 1, was spudded by BKPM on 8 December 1937. The well had a total depth of 1,216 m with bottom-hole in the pre-Tertiary metamorphic basement. Kahajan 2 was plugged and abandoned as a dry well on 23 May 1938.  Garung PSC was officially awarded to Mentari Garung Energy Limited on 18 March 2015 with official signing ceremony was conducted in Jakarta on 22 May 2015. The block has firm commitments of conducting G&G study and 300 km 2D seismic data acquisition. Fiscal terms and conditions for the block include: 1) after tax splits of 65%/35% for oil and 60%/40% for gas, 2) signature bonus for the block was set at USD 1 million. The block was offered via direct tender mechanism in the First Petroleum Bidding Round 2014 in late May 2014.   The 7,407 sq km block has firm commitments of G&G study and 300 km 2D seismic data acquisition. Fiscal terms and conditions for the block include: 1) after tax splits of 65%/35% for oil and 60%/40% for gas, 2) Signature bonus for the block is set at USD 1 million. The block was initially offered as a joint study area on 30 November 2012.
Indonesia, Garung PSC