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    NZOG to explore for unconventional oil and gas in Central Sumatra

    New Zealand Oil & Gas Ltd.

    New Zealand Oil & Gas Ltd. reports that the right to explore for unconventional oil and gas resources in Central Sumatra, Indonesia, has been awarded to a consortium in which New Zealand Oil & Gas holds an 11.25% interest.

    Central Sumatra is one of the major oil producing basins in southeast Asia. The MNK Kisaran production sharing contract (PSC) covers a substantial sub-basin in the same area as the conventional Kisaran production sharing contract where the consortium partners last year successfully drilled for oil and gas. A plan of development for that discovery is currently being prepared, and is expected later this year.

    The MNK Kisaran PSC is one of the first PSCs for unconventional oil and gas resources issued in Indonesia. It is the first time New Zealand Oil & Gas has had exposure to prospective oil and gas resources that qualify for concessional Indonesia government terms. Without those concessions, the resources could not be developed commercially.

    The MNK Kisaran partners are New Zealand Oil & Gas, 11.25%; Bukit Energy, 33.75%; and Pacific Oil & Gas, 55%.

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