Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/pan-orient-to-transfer-51-direct-wi-and-operatorsh.shtmlPan Orient to transfer 51% direct WI and operatorship of the East Jabung PSC
Pan Orient Energy Corp. has entered into an agreement for the transfer of a 51% direct working interest and operatorship of the East Jabung
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Pan Orient Energy Corp. has entered into an agreement for the transfer of a 51% direct working interest and operatorship of the East Jabung Production Sharing Contract (PSC) to a wholly owned subsidiary of Talisman Energy for a consideration of:
An upfront cash payment of USD$8 million (CDN$9.2 million), A firm commitment to fund the first USD$10 million (CDN$ 11.4 million) towards the first exploration well in addition to all related G&A and overhead costs incurred by the operator until the first USD$10 million expenditure has been completed, and A Pan Orient option to acquire a 20% working interest in a Talisman operated South Sumatra, Joint Study Area. A contingent commitment to fund the first USD$5 million (CDN $5.7 million) towards an appraisal well, if justified, in addition to all associated G&A and overhead incurred by the operator until the first USD$5 million expenditure has been completed. The transaction is subject only to Government of Indonesia approval and is anticipated to close upon the receipt of this approval, anticipated approximately March 2015.
