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- Release Date: 25/07/12 18:40
- Summary: MINE: NZO: Bohorok Production Sharing Contract signed
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NZO
25/07/2012 16:40
MINE
REL: 1640 HRS New Zealand Oil and Gas Limited
MINE: NZO: Bohorok Production Sharing Contract signed
NZOG (New Zealand Oil & Gas Ltd) and its partners have signed a Production
Sharing Contract (PSC) for the Bohorok permit in northern Sumatra. It was
announced in May that NZOG and its partners were the winning bidder for the
PSC.
A portfolio of leads and prospects have been identified within the Bohorok
block, which covers a total area of 5,022 sq km at the southeast end of the
North Sumatra Basin, close to the major city of Medan. The northern part of
the Bohorok block is adjacent to and partly surrounds several oil and gas
fields, while the southern and eastern parts have only experienced limited
exploration to date.
Under the PSC, the joint venture is committed to an initial 3 year
exploration work programme including the acquisition of 200km of 2D seismic
and a range of geological studies. Including a US$1 million signature
payment, the budget for the 3 year exploration period is approximately US$4
million, of which NZOG's share is 50%.
NZOG will have a 45% stake in the Bohorok PSC. Its partners are Bukit Energy
Asia Pte Ltd (45%, Operator) and PT Surya Buana Lestarijaya (10%).
"We are delighted to have been awarded this PSC. It lies in a prolific basin
that we have been able to gain a good understanding of through the Joint
Study Agreement we signed up to in August 2011," Andrew Knight, Chief
Executive, said.
NZOG also has a 22.5% stake in the Kisaran permit in central Sumatra, where
at least one well is planned for later this year, and has additional Sumatra
Joint Study Agreements in progress.
See Map of the Bohorok block in pdf version
End CA:00225293 For:NZO Type:MINE Time:2012-07-25 16:40:04
