New Zealand Oil & Gas updates Indonesian ops
Friday, January 30 2015 - 01:01 AM WIB
Kisaran PSC, North Sumatra
The operator is working with the government regulator on a plan of development. Approval by the regulator and the final investment decision are targeted for mid-2015. The development programme is likely to include the completion of up to three suspended exploration and appraisal wells in addition to a minimum of two new wells.
The current plan is for new well drilling and working over of existing wells to be performed concurrently in the second half of 2015, with initial production expected late 2015/early 2016. Recovery will be dependent on well count, drainage area, geology and well completion practices.
22.5% New Zealand Oil & Gas; 55% Pacific Oil & Gas (Operator)and 22.5% Bukit Energy.
MNK Kisaran, North Sumatra
The joint venture was awarded the MNK Kisaran block by the government regulator. The PSC relates to unconventional resource in the Kisaran PSC area.
The signing of the production sharing contract is expected in the first quarter of 2015.
11.25% New Zealand Oil & Gas; 33.75% Bukit Energy and 55% Pacific Oil & Gas (Operator).
Palmerah Baru, South Sumatra
Scoping data interpretation has high-graded eight promising leads. These will be analysed in more detail via new 3D and 2D seismic data which will be acquired in conjunction with an advanced hydrocarbon micro-seepage geochemical survey (Amplified Geochemical Imaging) which is designed to provide an enhanced view of prospectivity. Planning is underway for a 220-sample AGI survey with acquisition expected by the third quarter of 2015.
Acquisition of a 100-square kilometre 3D survey in the north east of the permit, and a 150-kilometre 2D survey in the south and west of the permit, is targeted for the end of 2015 with processing and interpretation extending into early 2016. An exploration well is targeted for late 2016.
36% New Zealand Oil & Gas, 54% Bukit Energy (Operator) and 10% PT SNP Indonesia.
Bohorok PSC, North Sumatra
Lion Energy has been granted an option to acquire a 15 per cent interest in the conventional Bohorok Production Sharing Contract (PSC) in North Sumatra in exchange for the joint venture partners receiving a 45 per cent interest in Lion?s rights to lodge an unconventional joint study agreement over the unconventional exploration underlying virtually the same area.
If Lion exercises its option, each party will have the following share in the Bohorok conventional PSC: New Zealand Oil & Gas 38.25%, Bukit Energy (operator) 38.25%, Surya Buana Lestarijaya Bohorok 8.50%* and Lion Energy 15%. A 205-square kilometre seismic survey over the PSC was completed in 2014 and the joint venture has high-graded a gas condensate prospect to drillable status.
Initial drilling preparation is aimed to commence early 2015 with a well expected to be drilled towards the end of 2015. The proposed drill location is close to both gas infrastructure and to a robust gas market.
45% New Zealand Oil & Gas, 45% Bukit Energy (Operator), 10% Surya Buana Lestarijaya Bohorok.
MNK Kisaran PSC, North Sumatra
As part of the grant of an option to Lion in relation to the Bohorok Production Sharing Contract, New Zealand Oil & Gas has joined Lion (and Bukit Energy) in applying for a joint study agreement to assess the unconventional resource potential of the Bohorok area. If the joint study agreement is awarded, the Bohorok partners will reimburse Lion for back costs and contribute 45 per cent of third party costs of conducting the unconventional joint study.
*Bukit and New Zealand Oil & Gas have entered into an agreement with SBL, subject to conditions and regulatory approval, to jointly acquire SBL Bohorok?s 10 per cent interests in the Bohorok PSC and 4.5 per cent interests in the joint study agreement.
20.25% New Zealand Oil & Gas; 55% Lion Energy (Operator); 20.25% Bukit Energy and 4.5% Surya Buana Lestarijaya Bohorok*. (end of excerpt)