By OGJ editors
HOUSTON, Aug. 30 -- Loon Energy Inc., Calgary, and QAF Brunei Sdn. Bhd. formally signed a production-sharing agreement covering Block L in and off eastern Brunei.
The work program on the 550,000-acre block calls for $20.5 million in spending and the drilling of two exploration wells to at least 2,000 m in the first 3 years. It also calls for seismic reprocessing and gathering of 2D and 3D seismic data.
Loon operates the block with 90% interest, and QAF Brunei has 10%.