SEP owns and operates a 50% interest in Martkopi Oil Company Limited. Joint venture partner MDN owns the remaining 50%.
The primary discovery target is situated in the Middle Eocene volcanoclastic structure, with secondary objectives in the shallower Upper Eocene and Oligocene. Prior to SEP ownership the MK-72 exploration well was spud in 2002 to explore the Oligocene and Middle Eocene targets. The Oligocene tested small amounts of oil and water and the Middle Eocene remains to be evaluated. A 2D seismic program covering a substantial portion of the block was carried out in 2013/2014. The seismic is currently being interpreted and the joint venture currently plan to spud a well during the second half of 2015. The budgeted work programme is substantially fully funded by MND.