New Zealand Oil and gas
SHAREPRICE

Kisaran Exploration Well weekly progress report 27th August

Posted on 27 August 2013


The Parit Minyak-3 (PM-3) located in the Kisaran PSC in onshore Sumatra, Indonesia spudded on 3 August, and as of Sunday, 25 August an 8 ½ inch hole had been drilled to a depth of 8360 feet (2549 metres), following mud gas readings and oil shows in the deepest section.

Current intention is to drill ahead to a Total Depth of 8500 feet (2591m).The Parit Minyak-2 (PM-2) well fracture stimulation operation was conducted in early August.

The operation has been suspended prior to completion due to high treatment pressures. The operational performance is under evaluation and fracturing operations have been suspended pending the outcome of this review.


New Zealand Oil & Gas Ltd has a 22.5 per cent stake in the joint venture through its subsidiary NZOG Asia Pty Ltd. The Kisaran Joint Venture partners are Pacific Oil & Gas (55 per cent and Operator) and Pacific Oil & Gas (Sumatera) Ltd, a subsidiary of Bukit Energy Inc. (22.5 per cent).