Source: Ecosse Energy Corp.
Ecosse Energy Corp. (CNSX: ECS), a company focused on oil and gas exploration and production in Indonesia, announced it had completed the acquisition of 100 percent of the shares of Irian Petroleum, Ltd. (Irian). Irian is the current contractor and operator of the Manokwari Production Sharing Contract (PSC) dated December 12, 2004 (the Manokwari PSC).
Ecosse will pay Irian’s former shareholder, CNPC International Ltd., a 10 percent “net proceeds interest” from production from the Manokwari PSC, and has agreed to indemnify CNPC against obligations to PT Waropen Perkasa, including an operational indemnity, a net profits payment, and a $5 million lump sum payment (due within 15 days following the approval by BPMIGAS of a Plan of Development for the Manokwari PSC – i.e. when the property is entering production phase).
“The Manokwari PSC is located in the north of the Bintuni basin in Papua with commercial oil and gas production in adjacent blocks. Over 1500 km of 2D seismic has recently been completed and interpreted on this block by CNPC with 6 identified gas prospects and 1 identified oil prospect.” Said Alan Morrison, President and CEO of Ecosse Energy Corp. “We are planning to drill at least one well in 2011 subject to government approvals. This block is a strategic addition to our existing Indonesian Bengkulu PSC. We are currently reviewing other potential blocks to expand our assets in Indonesia.”
