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- Release Date: 02/07/13 17:46
- Summary: MINE: NZO: Kisaran rig moves to new well site
- Price Sensitive: No
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NZO
02/07/2013 15:46
MINE
REL: 1546 HRS New Zealand Oil and Gas Limited
MINE: NZO: Kisaran rig moves to new well site
The rig used to drill the Parit Minyak-2 (PM-2) exploration well, located in
the Kisaran PSC in onshore Sumatra, is being moved to the Parit Minyak-3
(PM-3) drill site.
Drilling at PM-3 is expected to begin before the end of July.
Meanwhile, fracture stimulation of the Pemantang 4 formation in the PM-2 well
is scheduled for late August/September 2013.
New Zealand Oil & Gas has become aware that certain media reports have been
published claiming the well at PM-2 has been plugged and abandoned after
testing maximum production rates of 100 barrels per day. These reports are
incorrect. In fact the well is suspended while preparations for fracture
stimulation continue. The operator is not yet in a position to announce
potential flow rates or forecast the commercial viability of the well. A
report detailing actual production rates will be released to the market
following approval by Indonesian authorities. New Zealand Oil & Gas is
encouraged by results from drill stem tests to date.
New Zealand Oil & Gas has a waiver from the NZX in relation to certain
disclosures about progress in testing because announcements can only be made
with approval from the Indonesian regulator.
New Zealand Oil & Gas Ltd has a 22.5% stake in the joint venture through the
share ownership of its subsidiary NZOG Asia Pty Ltd in Pacific Oil & Gas
(North Sumatera) Ltd. The Kisaran Joint Venture partners are Pacific Oil &
Gas (Kisaran) Ltd (55 per cent and operator) and Pacific Oil & Gas (Sumatera)
Inc (22.5 per cent).
John Pagani
External Relations Manager
M: +64 21 570 872
End CA:00238133 For:NZO Type:MINE Time:2013-07-02 15:46:41
