Company Acquires Irian Petroleum Ltd holder of 100% of Manokwari PSC
TORONTO, Dec. 13 /CNW/ - Ecosse Energy Corp. (CNSX: ECS), a company
focused on oil and gas exploration and production in Indonesia, today
announced it had completed the acquisition of 100% of the shares of
Irian Petroleum, Ltd. ("Irian"). Irian is the current contractor and
operator of the Manokwari PSC (Production Sharing Contract) dated 12
December 2004 (the "Manokwari PSC").
Ecosse will pay Irian's former shareholder, CNPC International Ltd., a
10% "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
$5,000,000 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."
About Manokwari PSC
Manokwari PSC covers 3,902.66km2 (964,368 acres) onshore in the north of the Bintuni basin in Papua
province of Indonesia. The block was awarded in December 2004 for a
30-year duration. Approximately $20 million has been spent on seismic
acquisition, processing, interpretation, and geological and geophysical
reports in the PSC since 2004.
About the Company
Ecosse Energy Corp. was incorporated under the Canada Business
Corporations Act and is a reporting issuer in the Provinces of Alberta,
British Columbia, Manitoba, and Ontario. Its wholly owned subsidiary
Ecosse Energy (Bengkulu) Pty Ltd ("EEB") is a private Australian
company, operating in Indonesia. EEB owns a 100% working interest in
the Bengkulu PSC in Sumatra, Indonesia which allows it the rights to
explore and exploit the hydrocarbons within the PSC. The Bengkulu PSC
covers 4,101km2 (1,013,602 acres) and consists of both onshore and offshore portions.
EEB is currently planning to drill 5 onshore wells in the Bengkulu PSC
CNPC is China's largest oil and gas producer and supplier, as well as
one of the world's major oilfield service providers and a globally
reputed contractor in engineering construction. CNPC has a presence in
almost 70 countries.
Further information concerning the Company can be found at www.sedar.com and www.cnsx.ca.
Neither the Canadian National Stock Exchange nor its regulation services
provider accepts responsibility for the adequacy or accuracy of this
SOURCE ECOSSE ENERGY CORP.
For further information: For further information: