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The Australian company has acquired a 40% participating interest in the production-sharing contract (PSC) for Block AD-7 in the Rakhine basin, located in the western offshore sector of the country. The offer is subject to execution of fully-termed agreements, completion of due diligence, and necessary government and other approvals.
Daewoo will remain the operator of the PSC, with the two companies planning to undertake a 3D seismic acquisition program during 2013-14. The transaction also provides the option to drill an exploration well in a subsequent exploration period.