Share
- Release Date: 23/12/13 12:17
- Summary: MINE: NZO: New interest acquired in Indonesia
- Price Sensitive: No
- Download Document 2.11KB
NZO
23/12/2013 10:17
MINE
REL: 1017 HRS New Zealand Oil and Gas Limited
MINE: NZO: New interest acquired in Indonesia
New Zealand Oil & Gas has picked up a new interest in a Production Sharing
Contract in onshore south Sumatra, Indonesia.
The Indonesian regulator has announced that a consortium including New
Zealand Oil & Gas has won a permit to explore the Palmerah Baru block
covering approximately 1000 square kilometres.
Formal award of the production sharing contract is expected in late January.
Under the Production Sharing Contract the joint venture will be committed to
an initial three-year exploration work programme to include both 2D and 3D
seismic acquisition and one exploration well.
New Zealand Oil & Gas will have a 36% stake in the Palmerah Baru PSC. Its
partners are Bukit Energy Palmerah Baru Pte Ltd (54%, Operator), and PT SNP
Indonesia (10%).
New Zealand Oil & Gas chief executive Andrew Knight says South Sumatra is a
prolific oil province.
"The Palmerah Baru block is surrounded by oil and gas fields, including a
very large field to the south and a recent discovery to the south-southeast.
Because of developments in the area, the infrastructure necessary to
transport product is nearby.
"New Zealand Oil & Gas is targeting opportunities in Indonesia that are in
proven onshore basins, close to existing infrastructure, and more likely to
be oil than gas.
"We have gathered more knowledge about working in Indonesia from our
activities in the Kisaran and Bohorok PSCs. These onshore Sumatra
opportunities provide diversity to our core focus on exploration in New
Zealand."
Bukit Energy are also partners with New Zealand Oil & Gas in the Kisaran PSC
in central Sumatra where two wells were drilled this year (Pacific Oil &
Gas, Operator, 55%; Bukit Energy and New Zealand Oil & Gas each 22.5% through
subsidiaries); And in the Bohorok PSC in north Sumatra awarded in May 2012
(Bukit Energy, Operator, and New Zealand Oil & Gas each 45%; Surya Buana
Lestarijaya, 10%).
Attached: Permit map.
John Pagani
External Relations Manager
+64 21 570 872
End CA:00245607 For:NZO Type:MINE Time:2013-12-23 10:17:17
