Mason oil's interest in Irian

Mason oil's interest in Irian

SARASOTA, Florida (Dow Jones): Mason Oil Co. entered a memorandum of understanding with P.T. Patrindo Persadamaju in Indonesia through its Hemley Exploration Pty. Ltd. unit.

In a press release Monday, the company said the memorandum covers the right to earn an 80 percent ownership interest in a technical assistance contract covering an area of 198 square- kilometers within the Bintuni Basin of Irian Jaya.

The company has committed to perform a re-entry program on at least six wells over the next eight months to re-prove the commercial viability of the fields.

Production is expected to begin from the two existing fields in the last quarter of 1999.

Mason Oil is a gas and oil company.