AziPac Limited, through its subsidiary Azimuth Vietnam Limited, has signed a farm-in agreement with Mitra Energy Ltd., (Mitra) the operator, for a 25% participating interest in Block 127 PSC, offshore Vietnam.
As part of the deal, AziPac will pay a working interest share of the approved past costs and carry part of Mitra's costs of acquisition and processing of a 3D seismic survey, scheduled to be acquired in the second half of 2014.
Acquisition of the 3D survey will complete the work programme obligations for the current Exploration Phase which expires on 24 May, 2016. Block 127 is located in the Phu Khanh Basin, off the SE coast of Vietnam. The basin remains relatively underexplored and recent 2D seismic confirms the potential of the basin in terms of prospectivity.