Tuesday May 27 3:04 PM EDT Tracer Joins With Indonesian Group
VANCOUVER, British Columbia, May 27 /PRNewswire/ -- Tracer Petroleum Corporation (TRACER) (Nasdaq:TCXXF) has entered into an association with P.T. Mozadi Corporation for identifying and acquiring suitable petroleum production opportunities in Indonesia.
CEO Steve Jacobs stated, ``Indonesia generally requires a local partner for award of new contracts associated with producing assets. We are therefore pleased to have been able to join with a strong and able partner to advance our plans for entering proven reserves development, rehabilitation, and possible enhanced oil recovery projects in Indonesia. Mozadi in return views Tracer as an experienced and competent partner with which to enter the upstream E & P business, as Tracer's extensive database, long-term experience in Indonesia E & P, and wholly-owned rig are valuable assets to contribute to the success of this effort.''
P.T. Mozadi Corporation has a major interest in the first joint venture lube-oil blending plant project in Indonesia with one of
the largest U.S. integrated oil companies, and has further interests in LNG processing and sales agreements with Pertamina, refinery retrofitting and expansion, petrochemical trading, and property holdings and development throughout Indonesia.
The move reflects Tracer's strategy of seeking additional revenue producing assets to compliment its exploration activities in the 1.2 million acre North Tanjung Production Sharing Contract in onshore Kalimantan.
Tracer is 100% interest holder and operator through its wholly-owned subsidiary PerminTracer Petroleum Ltd. of a 1.2 million acre exploration block, the North Tanjung Production Sharing Contract in Kalimantan, the Indonesian portion of Borneo and a 4.25% interest holder in the Ogan Komering joint venture in Sumatra currently producing 19,000 barrels of oil per day. |
