Lion expects Bohorok, Bengkalis PSC late 2016/early 2017
Friday, September 9 2016 - 03:00 PM WIB
ASX-listed Lion Energy Ltd said that the Bohorok and Bengkalis joint studies were completed and lodged with the Indonesian Government in February 2016.
?Management expects that these two areas will be gazetted for award as a PSC in late-2016/early-2017,? Lion said in a statement Friday.
North Sumatra ?Bohorok? unconventional joint study covering 4,684km2 was awarded on February 20, 2015. The Lion joint study area is located to the south of the South Block A PSC in which Lion holds a 35 percent interest and is in close proximity to the first unconventional PSC in Indonesia awarded to Indonesian state-owned oil and gas firm PT Pertamina in 2013 (Sumbagut MNK PSC). Lion holds a 55 percent interest and is Operator of the joint study with the partly overlapping conventional PSC holders (Bukit, New Zealand Oil and Gas and SBL) having 45 percent interest. The cooperation with conventional holders will allow the joint venture to capture significant synergies between conventional and unconventional exploration.
Central Sumatra Unconventional Joint Study Area, covering 2,481km2, located in the east of the Central Sumatra Basin covering part of the Bengkalis Graben was awarded on February 20, 2015. Lion has a 75 percent interest in this joint study. The conventional rights holders in the area of the joint study have an option to maintain a 25 percent interest in the resultant PSC, if awarded, by paying 25 percent of the joint study costs at completion of the study.
Editing by Reiner Simanjuntak