Something to wet the appetite while we are waiting
www.miningoilgas.com.au
Deal offers new opportunities in Indonesia ?CouRTney PeaRson
TO complement its existing oil and gas assets in South Sumatra, Quest Petroleum has entered into a strategic partnership with advisory firm Moyes and Co that includes funding for production. The deal will see Quest evaluate and attain producing oil and gas projects in Indonesia: adding to its Ranau projects in South Sumatra, that it holds in joint venture with PrabuEnergy. Proactive Investors stated that Quest had a list of up to eight projects in Indonesia that were in stages of review, along with a new and expanded business plan plus project acquisition and funding strategy intended to develop more projects in the region. A statement by Quest noted that: “The company, due to the far-reaching contact and relationship base of the deputy chairman [Mochamad Thamrin] and his family [in Indonesia], is receiving numerous proposals to participate in existing production assets in Sumatra and West Java that could complement the company’s ambition to become a significant hydrocarbon producer in the short term.” According to Quest, the Moyes team would provide services including evaluation, independent third-party assessment of selected assets, and technical and legal due diligence on acquisitions, and assist in acquisition and production funding at the asset level. Furthermore, the Ranau project’s first well of an initial three-well program was being prepared for spudding. In late October 2012, Quest received approval from Indonesian upstream regulator BPMIGAS to drill the Kayumanis-1 well: the first in the program. The Ranau project has the potential to produce up to 6 trillion cubic feet of gas and 300 million barrels of oil. ?
QPN Price at posting:
0.5¢ Sentiment: Hold Disclosure: Held
