Gulf Oil and Gas accountACCOUNT

Extension to PSC Exploration Period South Block A PSC

Source: www.gulfoilandgas.com 5/15/2015, Location: Asia

Peak Oil &Gas Limited (Peak) announces that the Indonesian Ministry of Energy and Mineral Resources has approved a nineteen month extension to the Exploration Period of the South Block A Production Sharing Contract (PSC).

This extension means that the Exploration period will now end on 4 December 2016 and allows the PSC Contractor further time to drill one exploration well in order to fulfil the PSC Firm Commitment.

Earlier this month, Peak shareholders approved a resolution for Peak’s interest in the SBA PSC to be sold. The directors are pursuing avenues for the sale of Peak’s SBA Interests and aim to close a transaction before the end of the Financial Year.

South Block A PSC –North Sumatra, Indonesia Peak’s majority controlled company, Renco Elang Energy Pte Ltd (REE), is Operator of the South Block A PSC with a 51% working interest (Peak’s 75% shareholding in REE equates to a net economic interest of 38.25%).

Potential Exploration Well:
Following processing of the 183 km seismic survey, seismic interpretation led to selection of a possible drilling location for a low-risk, shallow well (around 700m total depth) targeting high quality oil on the Paya Bili structure. Small volumes of oil were produced from this structure during the early 1900s. The Paya Bili structure has also been the subject of three deeper wells drilled by Asamera Oil (Indonesia) Ltd in 1976 and 1982. The location of the possible shallow well, to be named Amanah Timur-1, is shown on the enclosed map (Figure 1) and seismic line (Figure 2).

Following receipt of notification of extension to the PSC term, and in onsideration of the recent decline in oil price, a prospectivity review will now be undertaken to determine the best prospect for drilling. This prospectivity Review will evaluate all field data and consider the Djerneh, Simpang Deep, and Sungai Iyu targets, in addition to the Paya Bili prospect (Amanah Timur-1).

Exploration News in Indonesia >>

Argentina >>  8/21/2019 - Equinor’s executive vice president for Exploration, Tim Dodson, and YPF's CEO Daniel Gonzalez have signed an agreement to jointly explore the CAN 100 ...
United Kingdom >>  8/20/2019 - UK Oil & Gas PLC (UKOG) is pleased to announce that the Oil and Gas Authority (OGA) has granted two-year extensions to the initial terms of the Compan...

United Kingdom >>  8/19/2019 - Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has made an oil discovery at explor...
Oman >>  8/7/2019 - Oman’s Ministry of Oil and Gas (MOG) signed a new exploration and production sharing agreement with Daleel Petroleum Co for Block 5. ...

Guyana >>  8/2/2019 - Frontera Energy Corporation ("Frontera") announces that a resequencing of CGX Energy Inc.'s work programme in the Corentyne block, offshore Guyana, he...
Oman >>  7/31/2019 - BP and Eni have signed an exploration and production sharing agreement (EPSA) for Block 77 in central Oman with the Ministry of Oil and Gas of the Sul...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Indonesia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |

Oil & Gas Projects in Indonesia >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.