Hague and London Oil to Buy Stake in Indonesian Gas Asset

Hague and London Oil (HALO) has entered into a conditional agreement to acquire a material interest in the Duyung PSC, located in the Natuna Sea, Indonesia.

The proposed transaction will see HALO acquire 85 percent and the operatorship of Duyung from West Natuna Exploration Ltd (WNEL), a private Singapore-based entity, who will retain a 15 percent stake, the company said Wednesday.

Duyung PSC contains the undeveloped Mako gas discovery and has Estimated Gas Initially in Place (GIIP) of 902 Bcf gross (150 mmboe).

Situated in the major oil and gas producing and exporting Natuna Sea basin, Duyung covers an area of 1,673km2 in water depths ranging from 60 metres to 100 metres.

HALO believes that the PSC has significant shallow gas potential with multiple stacked reservoirs, as has been demonstrated in the Mako Discovery.