Japan Petroleum Exploration(JAPEX) announced the acquisition of 50% of EMP Gebang, a subsidiary of Energi Mega Persada(EMP), which owns 100% of the PSC Gebang block in North Sumatra. This is a long-term strategic decision, focused on assets with greater exploratory projection.
The withdrawal of the Kangean project and the new approach of the PSC Gebang bloc
As part of this reorientation, JAPEX will transfer its entire interest in Energi Mega Pratama Inc (EMPI), operator of the Kangean gas field, to EMP itself. This transaction represents an orderly exit from a mature producing field whose exploration and development goals have been achieved.
With its entry into EMP Gebang, JAPEX will lead the initial development operations of the Secanggang field, an area identified as having undeveloped reservoirs and geological and geological structures with encouraging reserve estimates.
On the other hand, this move implies the removal of EMPI from JAPEX’s list of subsidiaries and the incorporation of EMP Gebang into its corporate structure. Despite the change, the company expects a minimal consolidated financial impact, highlighting the strategic and non-accounting nature of the transaction.
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Source and photo: JAPEX
