Continental Energy Corporation (OTCQB: CPPXF) (the "Company"), an emerging international energy investment company, today announced that its Indonesian production sharing contract (PSC) bid group was one of seven unsuccessful bidders for the Bengara-II Block.
Indonesian oil and gas regulator, MIGAS, announced the results of the February 2013 bid round in Jakarta late last week. The winning bidder for the Bengara-II Block is PT Tansri Madjid Energi, an Indonesian coal mining company. The winning bid consisted of a firm work obligation of minimum value totalling US$ 51,750,000 to be carried out during the first three PSC contract years plus a signature bonus of US$ 2,500,000. The winning work commitment includes the drilling of 5 exploratory wells, acquisition of 500 line kilometers of 2D seismic data, and acquisition of 200 square kilometers of 3D seismic data.
The Company's CEO, Richard L. McAdoo, said of the announcement, "We submitted a competitive bid with a strong and experienced local oil and gas industry partner, but lost to a more aggressive bid. However, we are hopeful that a farm-in opportunity will arise in the future, as we believe our extensive experience and technical knowledge of the Bengara-II Block would make a strong contribution to insuring exploration success."
