PilonaTechnical Assistance Contract (Tac) • November 3rd, 2014
Through our wholly owned subsidiary EVB, we own an 84.0% operating Working Interest (acquired over the period between December 2006 and August 2007) in the Pilona TAC, with Sun Global, a privately-owned company held by an unrelated third party, holding the remaining 16.0%. Pilona is a mature producing onshore oil property consisting of three fields (Tanjung Lontar, Sengkuang and Arahan-Banjarsari) located within the Southern Palembang sub-basin of the South Sumatra basin. See “—Geological Description”. The contract area is approximately 33 km2 and is approximately 120 km west of Palembang. All three fields at the Pilona property are mature and were discovered before World War II. The Pilona TAC was awarded in 1996 and commercial production began in 2000.
