Seram PSC

Summary conditions of the Seram Production Sharing Agreement (PSC):

Type Seram Project
Country, region Indonesia, Seram
LII's equity interest 2.5%
Other participating interest holders CITIC (51%) Operator
KUFPEC (30%)
Gulf Petroleum (16.5%)
Original Contract Area (OCA) 7,620 km2
Date of the Renewal PSC 22 May 2000 (effective date 1 November 1999)
Date of Expiry 31 October 2019 (Government of Indonesia approval required for extension of PSC beyond this date)
Current Licence Area 1,524 km2
Initial Term 4 years to reach Commercial Petroleum
Relinquishments By end 3rd year 10% of OCA (completed)
By end of 6th year additional 30% of OCA (completed)
By end 10th year, retain only 20% of OCA (or 1,524 km2) (completed)
Signature bonus US$350,000 (paid)
Equipment and/or service bonus US$50,000 (paid)
Remaining commitments Production Bonus US$1 million at 30 MMBOE
Production Bonus US$2 million at 80 MMBOE
Production Bonus US$3 million at 150 MMBOE