Total E&P Philippines B.V. (“Total”) announces the signature of a Farm out Agreement with Mitra Energy (Philippines SC-56) Limited (“Mitra”), based in Kuala Lumpur, Malaysia, to acquire a 75% interest in the offshore Block SC56, located in the Sulu Sea.
The block covers a total area of around 4,300 km², in water depths ranging from 200 to 3,000 meters. Mitra will retain a 25% interest in SC56.
“With this new acquisition, Total continues to pursue its strategy to further expand its acreage in significant potential plays in new exploration areas, notably in deep offshore Asia Pacific” stated Jean-Marie Guillermou, Senior Vice-President Asia Pacific, Exploration and Production.
A new exploration phase will start on September the 1st, 2012, and Mitra will initially operate the seismic works including the re-processing of existing data and the 3D acquisition of additional 500 km², after which the operatorship will be transferred to Total for the drilling operations.
This transaction is subject to approval by the authorities of the Republic of Philippines.