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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).

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