22 August 2014, News Wires – Singapore-based AziPac has gained a 25% stake in the Block 127 production sharing contract, off the coast of Vietnam.
AziPac has signed a farm-in agreement with block operator Mitra Energy which will see it gain the 25% stake in exchange for paying a share of past costs and will also carry part of Mitra’s costs related to the acquisition and processing of 3D seismic.
The upcoming 3D shoot will complete the work programme obligations for the current exploration phase on the block, which is set to expire on 24 May 2016.
Block 127 lies in the Phu Khanh basin which remains relatively under explored, but AziPac said existing 2D seismic confirmed the potential of the basin in terms of prospectivity.
Following the completion of the farm-in, which is still subject to government approval, AziPac will gain its 25% stake while Mitra will remain operator with a 75% interest.