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ONA HAT NUN 80% DES ÖLFELSDS SICH GESICHERT!!!!! NA WAS DAS WOHL FÜR DIE STIDIE HEISST????? :-)))))
Ona\'s interest in Dutch oil wells project now 80%
2006-08-25 12:58 ET - News Release
Mr. John Wong reports
COMPANY UPDATE
Ona Explorations Inc. is reviewing its Dutch oil wells project , located in the Regency of Musi Banyuasin (Muba), South Sumatra, and the three-by-35-megawatt coal-fired power plant project, located in Medan, North Sumatra, Indonesia.
The Dutch oil wells project
The company has renegotiated the terms of a definitive joint-venture agreement with PT Petro Muba, a state-owned limited liability company registered under the laws of the Republic of Indonesia and associates . Under the new agreement, the company will hold an 80-per-cent interest in a joint venture to rework and develop a number of abandoned oil wells that were originally drilled in the Dutch colonies era. The oil wells are located within the boundary of the area covered under the corridor block production sharing contract, being an area that was previously managed by ConocoPhillips. ConocoPhillips surrendered the rights to manage these oil wells to Muba and PTPM in December of 2004.
In consideration for the acquisition of the 80-per-cent interest in the joint venture with PTPM, the company has agreed to reimburse PTPM for up to $200,000 (U.S.) in expenses incurred by PTPM. The agreement also provides for the management and rehabilitation of the abandoned oil wells located within the boundary of the corridor block PSC area in the Keluang, Karangringin and Suban Baru oil fields. Under this agreement, the company is entitled to 80-per-cent of the net profit of the contractor\'s take after expenses and taxes under the PSC with the Indonesian government.
The Medan power project
The company has commenced proceedings with PT Peresero Listrik Negara, an Indonesian national utility company, to have the power purchase agreement previously signed with PT Cahaya Sakti officially transferred to the joint-venture company held by PT Cahaya Sakti and associates and Ona Energy and Power Corp., a wholly owned subsidiary of Ona Exploration Inc. In addition, the company has requested an extension to the PPA in order to allow sufficient time for the joint-venture company to arrange financing
Ona\'s interest in Dutch oil wells project now 80%
2006-08-25 12:58 ET - News Release
Mr. John Wong reports
COMPANY UPDATE
Ona Explorations Inc. is reviewing its Dutch oil wells project , located in the Regency of Musi Banyuasin (Muba), South Sumatra, and the three-by-35-megawatt coal-fired power plant project, located in Medan, North Sumatra, Indonesia.
The Dutch oil wells project
The company has renegotiated the terms of a definitive joint-venture agreement with PT Petro Muba, a state-owned limited liability company registered under the laws of the Republic of Indonesia and associates . Under the new agreement, the company will hold an 80-per-cent interest in a joint venture to rework and develop a number of abandoned oil wells that were originally drilled in the Dutch colonies era. The oil wells are located within the boundary of the area covered under the corridor block production sharing contract, being an area that was previously managed by ConocoPhillips. ConocoPhillips surrendered the rights to manage these oil wells to Muba and PTPM in December of 2004.
In consideration for the acquisition of the 80-per-cent interest in the joint venture with PTPM, the company has agreed to reimburse PTPM for up to $200,000 (U.S.) in expenses incurred by PTPM. The agreement also provides for the management and rehabilitation of the abandoned oil wells located within the boundary of the corridor block PSC area in the Keluang, Karangringin and Suban Baru oil fields. Under this agreement, the company is entitled to 80-per-cent of the net profit of the contractor\'s take after expenses and taxes under the PSC with the Indonesian government.
The Medan power project
The company has commenced proceedings with PT Peresero Listrik Negara, an Indonesian national utility company, to have the power purchase agreement previously signed with PT Cahaya Sakti officially transferred to the joint-venture company held by PT Cahaya Sakti and associates and Ona Energy and Power Corp., a wholly owned subsidiary of Ona Exploration Inc. In addition, the company has requested an extension to the PPA in order to allow sufficient time for the joint-venture company to arrange financing
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