Proven petroleum system with a hydrocarbon discovery in a highly prospective and untapped Highly prospective basin with
working petroleum system, within prolific petroleum province
OFFSHORE NORTH X-RAY PSC
Conrad also is the holder and 100% operator of Offshore North X-Ray PSC (4,000km2), located in the Vera Basin and proximal to the largest gas market in Indonesia within 100km offshore from one of the main gas receiving terminals in Indonesia. The PSC has an extremely favorable operational environment with shallow water depths, shallow targets, low operational costs and excellent PSC terms allow for development of even small (10 million barrel) oil accumulations at current prices.
Offshore North X-Ray PSC is located within the prolific hydrocarbon province of Offshore Northwest Java, surrounded by, Asri, Ardjuna and Jatibarang basins. The block has been under-explored since the 1980s
The PSC has an favorable operating environment due to:
- Shallow water depths (~50m)
- Low operational costs
- Excellent fiscal terms that allow for development of even small oil accumulations based on today’s low oil prices
The PSC was awarded in May 2013 and Conrad has already executed all its firm commitments. Currently the company is evaluating the already identified leads. The objective is to mature a number of these leads to drillable projects for the second phase of the exploration activities.