KRX Energy Executes Farm-In Agreement in Indonesia

KRX Energy, in association with Lion Energy Limited, has executed a farm-in agreement with Indonesia’s Prosys Oil & Gas International to acquire a 35% non-operating participating interest for the South Block A production sharing contract in Sumatra, Indonesia.

Post this move, Prosys’ stake will drop from 49% to 14%. The 51% interest in the South Block A PSC is held by operator Renco Elang Energy.

South Block “A” covers 2,105 sq.km. and has an un-risked potential range of 87 – 475 MMBBL for the oil case and 370 – 1,994 BCF for the gas case.