Petroz buys RI gas assets

Petroz buys RI gas assets

BRISBANE (Dow Jones): Petroz NL, an Australian oil and gas
producer, Friday said it has bought Apache Corp.'s 39 percent
stake in an Indonesian gas field.

Petroz has acquired an interest in the Bentu and Korinci-Baru
areas in Sumatra, Indonesia, which is its first foray into
exploration and production operations in the country.

Fellow Australian oil and gas company, Santos Ltd. is the
other shareholder, with 61.1 percent, and the operator of the gas
field.

Petroz will make an initial payment of US$2 million to Apache,
and two additional payments "totaling up to $10.3 million when
gas production begins," the company said in a statement.