NZO
26/05/2015 12:41
JOINTV
PRICE SENSITIVE
REL: 1241 HRS New Zealand Oil and Gas Limited
JOINTV: NZO: Kisaran plan of development approved
Ministerial approval has been received for a Plan of Development of the
Kisaran Production Sharing Contract in Sumatra, Indonesia, where New Zealand
Oil & Gas has a 22.5 per cent interest.
Two wells were successfully drilled there, in the Parit Minyak prospect, in
2013. A Plan of Development for the field was developed in 2014 and forwarded
for government approval early this year.
Ministerial approval extends the Production Sharing Contract until 2031.
The approved plan would see up to seven wells at Parit Minyak as the initial
phase of development. A low cost development is anticipated, using both
rented and permanent facilities and trucking the oil to nearby facilities.
The joint venture expects to finalise an execution plan for the development
before a final investment decision later this year.
New Zealand Oil & Gas Ltd has a 22.5 per cent stake in the joint venture
through its subsidiary NZOG Asia Pty Ltd. The Kisaran Joint Venture partners
are Pacific Oil & Gas (55 per cent and Operator) and Pacific Oil & Gas
(Sumatera) Ltd, a subsidiary of Bukit Energy Inc. (22.5 per cent).
John Pagani
External Relations Manager
+64 21 570 872
End CA:00264819 For:NZO Type:JOINTV Time:2015-05-26 12:41:23
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