Hague and London Oil has entered into a conditional agreement to acquire a material interest in the Duyung Production Sharing Contract, located in the Natuna Sea, Indonesia:

•Duyung PSC contains the undeveloped Mako Natural Gas discovery and nearby infrastructure •Estimated Gas Initially in Place of 902 Bcf gross (150 mmboe) •Material transaction in line with strategy to broaden portfolio in Southeast Asia, leveraging HALO •expertise of the market, basin, geology and technology •Operatorship of exploration and appraisal opportunity with high working interest of 85% and relatively low risk exposure •Low pressure, shallow gas in jack-up water depth •Low cost entry: initial commitment limited to US$0.5 million •Healthy economics within current commodity prices under competitive fiscal terms and within a range of recovery factors

Tags: Hague and London Oil