New Zealand Oil starts drilling in Kisaran
Tuesday, February 12 2013 - 01:08 AM WIB
ASX-listed New Zealand Oil & Gas Ltd said on Monday that drilling is underway at exploration well Pant Minyak-2 (PM-2) located onshore North Sumatra, Indonesia.
New Zealand Oil & Gas Ltd has a 22.5 per cent stake in the joint venture through its subsidiary NZOG Asia Pty Ltd. The well in the Kisaran Production Sharing Contract is the first for New Zealand Oil & Gas to involve outside New Zealand.
The Kisaran Joint Venture partners are Pacific Oil & Gas as operator with interest at 55 per cent and Pacific Oil & Gas (Sumatera) Ltd, a subsidiary of Bukit Energy Inc. with interest at 22.5 per cent
The well was spudded at 10.3OPM on Sunday night local time.
The well is expected to take around 45 days to drill. It will appraise an undeveloped oil discovery made in 2006, and explore additional zones that were not present in that well.
A second well, PM-3, also in the Kisaran block, is planned immediately following operations at PM-2.
Editing by Benget Besalicto Tnb.