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Mitra Farms-Out 40% Interest In Bone PSC Off Indonesia

Mitra Energy has entered into an agreement with AziPac Limited to farm-out 40% interest in the Bone PSC off Indonesia. The Bone PSC is situated in Bone Bay, offshore South Sulawesi, and lies in water depths extending from the coast to over 2,000m. The block covers an area of 7,516 sq km.

Post-transaction Bone PSC ownership: Mitra Energy (60%, operator) and AziPac Limited (40%).

Exploration in the Bone Block began in the 1970s with the acquisition of 2D seismic data by Gulf Oil. Mitra has reprocessed 1,198 line km of vintage 2D seismic data and acquired 1,597 line km of 2D seismic data in 2011.

In 2012, additional vintage 2D seismic data was processed and fieldwork to the adjacent onshore area was conducted. An independent best estimate (Pmean) for the gross unrisked prospective resource potential is 2.07 BBOE with an upside resource (P10) of 4.2 BBOE.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.