Fossil Energy – Indonesia
Conrad Asia Energy has signed production sharing contracts (PSCs) for the Offshore North West Aceh (Meulaboh) and Offshore South West Aceh (Singkil) offshore Indonesia.
Conrad will operate and hold a 100% participating interest in both blocks.
Conrad Managing Director and CEO Miltos Xynogalas said: “There is significant upside for Conrad in the exploratory opportunities that exist in both the shallow- and the deepwater areas, where we have already identified a host of high-impact gas plays. The deepwater areas potentially contain several multitrillion cubic feet in size gas leads, with evidence of hydrocarbon accumulations from observed gas chimneys and seismic flat spots. The most prospective leads are in 1,000 meters of water, which by global standards is not deep. Conrad has a 100% working interest in these blocks and will be seeking partners to participate in exploration efforts in these areas. Major companies have already expressed an interest to review our data.”
Over the past four years, Conrad conducted joint technical studies under joint study area arrangements over the blocks, which have now been converted to PSCs with 30-year tenure. This will allow Conrad to develop existing discoveries and explore for additional resources.